Post-market Wrap (recording & summary)

The last FOMC meeting’s minutes were released Wednesday afternoon. They suggested a rate hike was missed more narrowly than first suspected, and therefore closer than was thought. The low-volume, low volatility session didn’t have much of a knee-jerk reaction to the “bad” news, dipping 3-4 points to 2133.00. Having the event become history essentially triggered a relief rally up to 2139.50.

But there was nothing accumulative about the pattern. And volume was no greater. So the balance of the session drifted choppily back down to fresh lows attacking 2131.00. Remember that was Tuesday’s cash session close, and opening there Wednesday had already warned us that intraday trending would be unlikely.

A bullish scenario would have exploited the low-volume environment and neutralized Tuesday’s oversold RSIs on Wednesday, when it was difficult to trend. Instead, the attraction is left outstanding at 2121.75, likely to be retested Thursday, unless the open is already extending up from a gap up above Wednesday’s 2139.50 high.

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

Monitor overnight Globex trading in the chaRTroom here.