Post-market Wrap… Well, that unsettles that.

FOMC policy statements are reliably volatile, even if that means trending more relentlessly than normal. All the more so with quarterly Fed chair Q&A press conferences. That makes them our most reliably opportunistic opportunities, and Thursday’s wide-ranging roller coaster did not disappoint.

There were plenty of troubling signs that the recovery is running into difficulty, like continually probing relevant objectives without closing decisively above them. Meanwhile, the bearish setup described on Saturday seems to be playing out, rallying to fresh highs and then collapsing, which defines this entire week even before Thursday’s two surges each collapsed.

Thursday’s session resembled a Pivot Reversal, but it wasn’t. The setup extends down without delay, and it still could, but there’s a likelier scenario to bounce, first. The near-term downside potential gets much, much likelier if Friday’s open isn’t already rallying back above 1980.50-1981.50. This being a Friday — quadruple witch, no less — no morning action should be surprising, not even narrow ranging, before the bullish WedEX’s influence becomes relevant.

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

This evening, use these links to monitor overnight Globex trading:
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