Narrow rebound after the hike: JPMorgan short below 355.60

The index tape looks stronger than the market underneath it. A day after the Fed took rates to 3.75-4.00%, the S&P 500 is up 1.1% at 7635 and the VIX is down 9.3% to 15.60, yet ten of the fifteen instruments we follow trade below their 20-day averages and the Dow sits 2.15 ATR under its own. The rebound is technology-only, so the bias reads neutral. Thirteen of fifteen names were stopped by a filter: seven inside the 0.50 ATR noise floor, among them Coca-Cola, whose apparent 0.92 ATR of weakness is 0.38 ATR of Tuesday's dividend; three too extended, Home Depot worst at 3.09 ATR; Visa's structural invalidation demanded a stop exactly at the 1.25 ATR ceiling; Eli Lilly cleared every filter but its 2:1 target lands below a floor twice defended near 1113. Tesla passed and was left alone: mid-channel, and the wrong side for a multi-day hold. The one idea is a short on JPMorgan at 350.09, wrong above 355.60. We also closed the gold idea at minus 0.31R and published why: its levels came from a different price series than the spot price it quoted, a 1.02% gap.