Post-market Wrap (recording & summary)

Wednesday’s likeliest scenario eventually played out. But its last leg down took awhile before unfolding. And that prevented the potential for an optional leg up.

Essentially, optimism for a favorable FOMC statement proved self-fulfilling, fully discounted upon triggering a knee-jerk reaction up. Quickly reacting back down seemed to put the market into shock — so little reward for longs attracted more buyers looking for a delayed pay-off.

Ultimately, the position-squaring window saw those earlier optimists  running for the exits. The relevant 2063.50 level was being tested at the close, not recovered to start forming a bottom, and not broken to further confirm 2043.00 is in-play.

Bearish WedEX triggered. Not actively bearish, although gapping down Thursday under Tuesday’s 2055.00 lows could do that by proxy. Quickly recovering a gap down under Tuesday’s lows could form a passively bullish signal.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.