Post-market Wrap (recording & summary)

Wednesday’s deep post-FOMC drop from 2272.50 probed at least twice under Monday’s 2247.00 low. The tests held through the close — or, at least, Wednesday’s close was not below them. That keeps price in the interim high’s orbit, and keeps the door open to retesting it.

It doesn’t have to be retested. There already was no “unfinished business above” coming into Wednesday’s session. Higher attractions were created intraday, but already neutralized. The last one was the 2271.75 bias-up target, which was pierced by 3 ticks at the high.

Two other reasons for retesting Wednesday’s 2272.50 high are (1) it stopped pessimistically short of touching Tuesday’s 2273.00 high, which can be bullish from a contrarian perspective, and (2) the high formed a Symmetrical Triangle, a pattern which often reverses more substantially from a false break.

Wednesday’s high is already far above, and that’s just as of Wednesday’s close. Bouncing off of oversold RSIs at 2243.00 recovered to 2260.00 but fell back to 2245.00 before the close. A fresh low overnight would neutralize the attraction to retest 2243.00 — already recovering it into Thursday’s open would be a good start at retesting Wednesday’s high. Otherwise, that multi-session pullback targeting 2215.00 and 2205.00 is underway.

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

Monitor overnight Globex trading in the chaRTroom here.