Market Wrap (recording & summary)

Closing above 2548.00-2555.00 Tuesday had put into play the next higher objective at 2606.00. Tuesday’s session-long rally setup had suggested that Wednesday morning would probe higher. Already having probed higher overnight, a couple of setups could have reversed the morning down, but they failed. So, the open’s gap up to 2583.00 extended higher.

Until it didn’t.

The open got up to to test 2590.00 where rumors, tweets and headlines triggered a reaction down similar to Tuesday morning. But Wednesday’s was relatively shallower, 21 points to test the 2569.25 bias-down signal’s support.

Its reaction resumed the rally to fresh highs through the noon hour up to 2595.50. The FOMC Minutes reaction triggered a surge attacking 2597.00. And the balance of the session ranged choppily sideways back down to 2580.00.

More unfinished business was left outstanding by oversold RSIs at the morning’s 2569.00 low. Add that to Tuesday’s tab from its oversold RSIs at 2547.25. Eventual retests of both are required. Which probably have to wait for the 2606.00 objective to be met (with room up to 2626.00) as the current string of shallower and briefer pullbacks suggest that the bounce must end before downside objectives can become attractive.

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