Post-market Wrap (recording & summary)

There’s no requirement for even a corrective bounce to reach 2052.00. But testing it before Wednesday afternoon’s FOMC policy statement could find all available buying pressure has been expended, leaving the market vulnerable to another downdraft.

That’s already a risk from Tuesday’s bounce having tested and (ultimately) held its 2040.00-2041.50 objective, rejecting its intraday probe up to 2046.00. Price action like the afternoon’s corrective dip back down to 2032.00-2033.00 helps to neutralize that overbought condition.

But meanwhile, the Friday-Monday Island pattern must be revisited at some point. And there’s on assurance of it holding and launching a more durable recovery. So a durable recovery’s best hope is not to react negatively to Wednesday’s rate hike (or lack thereof).

Details and other markets coverage are discussed in the post-market Wrap recording here:
https://roddavid10.mitel-nhwc.com/join/yptzyfv

This evening when you can’t access the intraday chaRTroom platforms, here’s the OmniView link (we’re switching to it exclusively soon, so please confirm you can access it easily):
https://v7.omnijoin.com/join?dn=srt1