Market Wrap (recording & summary)

Wednesday afternoon’s reaction to FOMC Minutes was the most volatile I’ve seen in years. Policy statements and Chairman Q&As are reliably opportunistic environments. So long as the committee plays rhetorical games with the gas pedal, the Minutes reaction should be wide-ranging again.

The relatively narrow overnight range had warned before the open to expect only a 3-4 point trending attempt, if any. Further proof the market lacked sponsorship came from neither of the morning’s bias signals even being attacked. The 2786.00 bias-up was tested at noon.

Now the rubber band was stretched, and the market was no longer in the middle of a dull range. The morning’s bounce was followed by an 11-point reaction down through the noon hour attacked the 2775.00 bias-down. It was just a warm-up for the FOMC reaction which spiked up to attack 2791.00, and reacted down 17 points to attack the 2773.25 overnight low.

2786.00 was recovered in time for the last 90 minutes to fluctuate narrowly around it through the close. No “unfinished business” was left outstanding. And having essentially only fluctuated at or around Tuesday’s final hour range, the session contained no predictive value.

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