Market Wrap (recording & summary)

Sliding from 2363.75 at Europe’s opens down to 2355.25 before the open was never probed intraday Wednesday. Not in either direction. Each was attacked to within a couple of ticks — the pre-open low while holding a test of the morning’s 2356.75 bias-down signal, and the overnight high while trying to fulfill the offsetting test of 2366.00.

2366.00 seemed in the process of being met when the afternoon’s FOMC Minutes triggered a 6-point plunge from 2362.50. Ultimately, the session ended essentially unchanged from Tuesday’s 2360.00/2362.50 close. New sponsorship doesn’t seem very attracted to Tuesday’s opening surge, other than to maintain it.

The template is wide open after fulfilling the outstanding 2366.00 objective. Nothing prevents extending higher through it. Regardless of whether it were tested first, overnight action could already reverse down to greet Thursday’s open under this week’s lows. Gapping down deeply enough could even form an Island out of this week’s ranging.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.