Market Wrap (recording & summary)

Gapping up Wednesday above Tuesday’s 2562.50 late surge peak could have isolated the interim test of 2530.00. The overnight high probed it, so it wasn’t for lack of opportunity that the open was lower.

None of which precluded a morning rally, anyway. But as noted during the Market Tour, its origin wouldn’t be a position of strength — not a strong base to greet the afternoon’s FOMC events, and likely to fail.

A knee-jerk reaction up on the hike news touched 2592.00, still within the 2595.50 corrective bounce limit. Its reaction plunged, testing 2530.00 for its first time intraday, on the way down to and through 2500.00. Bouncing from 2489.50. Simultaneously oversold 1-min and 3-min RSIs will require an eventual retest. The actively bearish WedEX signal will be of interest Thursday afternoon.

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