FOMC Minutes 01/04: Recession is "entirely possible", job data still "too hot"

Market opens Wednesday session on significantly improved liquidity compared to yesterday's session after SPY recovered and pushed up to 382 in overnight futures session. Early selling pressure pushed SPY back to 380 in the first 30 minutes but with strong liquidity, the market recovered and quickly pushed to 385 before encountering resistance at the small upper call wall here. The market generally demonstrated decisiveness after the November job openings report early in the morning, specifically:

• Job openings held steady at the 10.5 million mark from October to November:

• Quit rate rose slightly to 2.7% and up to 3.0% in private enterprises: