Market Wrap (recording & summary)

CORRECTION: My early departure on Friday has been delayed by one week. This week will finish out normally.

Wednesday’s rally began somewhat impatiently, probing overnight above 2648.00 before the 1-2 hour false break window. The 2653.00 open wasted no time fulfilling the bias-up target, which was 2653.00. And its post-open pullback to 2647.00 recovered into a 20-point rally into the noon hour.

The only signs of patience was in the FOMC’s policy statement. By then, defensive posturing had pulled back to 2655.00, and correcting the morning’s excessive optimism created room for more. The news reaction surged 29 points to 2684.00, and the Fed Chair’s Q&A extended that to attack 2690.00.

The final hour dipped to 2674.25, and ranged narrowly into the close. Perhaps inhibited ahead of MSFT and FB post-close earnings. Reacting favorably to their beats similar to AAPL enabled futures to firm up to 2683.00, also inspired by NQs surging.

Closing above 2666.00 from under 2656.00. puts into play 2701.00 (subject to a second consecutive higher confirming close Thursday, which could already fulfill 2701.00). Or, not. Having closed above 2666.00, gapping down under 2656.00 Thursday would reject Wednesday’s upside momentum.  The 1-1/2 week-long Ascending Triangle only probed higher, but ended the day only overlapping its prior high — vulnerable to reversing down.

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