Market Wrap (recording & summary)

Wednesday morning’s 2719.00 bias-down signal had held its test as support, with the help of invoking the grace period. No-bias triggered late, but compensated for the delay and surged to 2734.00 as the morning bias environment lapsed. Probing above its 2725.25 bias-up signal was no-bias trending and required being retraced.

The narrow noon hour’s range resolved down into the afternoon bias environment. Coming to within 3 ticks of 2725.25 qualified for neutralizing its attraction. Just in time for price to begin firming through a 2730.75 buy signal ahead of FOMC.

A knee-jerk reaction up to 2744.00 was reversed down almost as quickly to 2724.25. That’s 12 points up and 20 points down within 5 minutes or less. As expected, the recent ranging was only storing energy for an extremely volatile reaction.

There’s more? A lot more.

Also as expected, the new Fed chair’s first Q&A relived the volatility of his predecessor’s early days. A 30-point drop was underway into his appearance, and ended within 1 tick of the morning’s 2712.25 bias-down target. Its natural support and oversold RSIs produced a 21-point bounce, and still had time for a 19-point drop to 2714.25 into the close.

Oversold RSIs at the 2712.75 low still require a retest. Tuesday morning’s “unfinished business below” at 2710.25 is outstanding, too. Isolating their tests to the overnight could launch a multi-session recovery of the pullback from last week’s highs. Failing to hold their tests would suggest this is not a pullback.

• Details and other markets coverage are discussed in the post-market Wrap recording here.
• Monitor overnight Globex trading in the chaRTroom here.