Pre-FOMC minutes early session volatility in the ES Wednesday morning, with price opening within the lower end of the previous day’s range. After cleaning up Tuesday’s poor low and continuing lower through the remaining single print from 6/30, the ES reversed and re-entered Tuesday’s range but could not initially get past its prominent point of control a 2078.50, stopping at it to the tick.

Price sold off again, through the earlier morning low and down to the overnight low, where price rallied again back into and through the previous day’s entire range, stopping just two ticks shy of the very wide point of control from 7/1 at 2095. Wednesday’s pit trading session ended the day as an outside day, closing well above Tuesday’s high. Although value began the day as overlapping to lower, it ended the session as overlapping to higher.

Wednesday’s profile is poor with muliple anomalies. In addition, while the market is a long way off the Brexit selloff lows, there is lot of poor structure beneath it. That being said, the recovery rally high at 2104.75 was made in the overnight session on 7/3. And while there are no guarantees in trading, all time highs and lows and recovery highs and lows that are made in the overnight session are usually tested at some point in time.

Thursday could possibly be a balancing day, repairing some of the poor structure and anomalies, ahead of the end of the month Employment Situation released on Friday morning at 8:30 AM EST, but in this post-Brexit market that is dominated by day and short term traders going from constantly being too long to too short, anything is possible.

Thursday’s ADP Employment Report at 8:15 AM EST and Jobless Claims at 8:30 AM EST could provide volatility before the market opens.

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