Post-market Wrap (recording & summary)

Tuesday’s close qualified as a hold-long. But I wouldn’t tolerate much of a pullback. The short-squeeze from 2091.00 up to 2103.00 eventually extended up to 2108.00, putting into play 2111.25 and higher. The 2115.00 and 2121.25-2122.00 areas could be met, too, all within the context of a temporary correction.

Temporary. Not so much because Tuesday’s drop bounced from 9 points short of the decline’s likely 2082.00 target. More so because of simultaneously oversold RSIs at the 2091.00 low requiring a retest. And that retest would be very vulnerable to extending down to 2082.00 — or its room for noise down to 2077.50.

Wednesday’s FOMC meeting may have a bullish influence, just for getting the event and the hawkish wording of its statement behind us. It’s too soon to gauge what impact Friday’s Employment Situation report may have.

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

Monitor overnight Globex trading in the chaRTroom here.