Market Wrap (recording & summary)

FOMC policy statements already offer the most opportune trading windows. The quarterly Q&A is even better.

Wednesday’s was greeted after having expended all room for intraday noise, back up to Tuesday’s 2928.25-2930.25 highs. Already having probed higher overnight to Friday’s 2934.25 close, its intraday retest was likely at least to test 2936.00 — in fact, that was the afternoon’s bias-up target. The FOMC reaction soon touched 2936.00, and awaited the Fed Chair.

The Q&A triggered a drop targeting 2924.00-2925.00. Its test produced a bounce through the 3:10-3:20 proxy window, when breaking lower would have triggered a collapse. A collapse developed anyway — from attacking Tuesday’s highs up to 2930.00 and plunging to 2907.50.

“Lower prior highs” at 2914.00 was tested, and maintained its break, as did 2919.00. Exiting Thursday’s open above 2914.00–2919.00 would be optimal for a morning bounce. Launching a durable rally would be premature. The pattern’s next lower attraction is 2900.25.

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