Post-market Wrap (recording & summary)

Wednesday afternoon’s recovery from the FOMC reaction rallied nearly 15 points to attack 2167.00. That’s after initially plunging from 2160.00 to 2152.00.The selling may seem repudiated, but Wednesday’s close dipped back down to 2160.00.

FOMC’s non-bearish news is out, and its relief rally has elapsed. The rally is back on its own. Proximity to the highs, and to retest 2171.25 up to 2175.50, makes another downleg unlikely to extend. But being unlikely to extend doesn’t prevent another downleg from developing or from extending.

Probing fresh highs first would still be vulnerable to a more durable reaction down. But we’ll need to see how those highs develop before having any confidence in the peak.

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

Monitor overnight Globex trading in the chaRTroom here.