Market Wrap (recording & summary)

Wednesday gapped up 4-5 points back to Tuesday’s 2787.50 open. Its natural resistance became more of an attraction, and price fluctuated choppily around it through the open, through the morning, and through the noon hour. Not at all surprising, if not also expected, due to anxiousness ahead of the afternoon’s FOMC Minutes.

The impact of that anxiousness suggested FOMC Minutes were being widely watched. It also suggested that releasing the Minutes would be the catalyst to launch trending, or at least to widen the range. Its last two releases had done the same. But in a classic “watched pot never boils” scenario, price action was relatively subdued, and the window’s 2886.00-2891.50 support-resistance held.

Until the window lapsed. Trending up into the final hour touched 2894.25 — retracing 61.8% of Tuesday’s opening gap back up to Monday’s close. Its resistance reacted down 5 points before the close, which was all retraced by the last minute’s spike up.

With no “unfinished business” above requiring a test, no matter how likely otherwise, no hold-long was contemplated. But Monday night’s 2899.00 prior high’s retest remains likely, likely to include 2902.00 with room up to 2911.00, while still being vulnerable to reversing down aggressively intraday.

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