Anxiousness, indeed.

Pre-FOMC action still probing lows.

Opening at this morning”s 2098.00 bias-down target produced a quick 9-point bounce. Probing back under 2098.00 by 2 points produced an 8-point bounce up to this morning”s 2104.25 bias-down signal.

Another dip to 2098.00 held through the bias environment”s exit. That didn”t prevent dropping through it to 2090.50. It”s now reacting back up to attack 2095.25.

One thing about this is potentially bullish, while two things about it are already bearish. Bullish is the timing of probing under relevant levels (2098.00) to test relevant support (2090.00-2095.25, 2093.50). This morning”s 2098.00 bias-down target is support, and its bounces have failed, but the timing of probes under it suggests its sponsorship is weak-handed.

Meanwhile, bearish is that 2090.00-2095.25 is being retested after having rejected a test just one day earlier. Bearish is coming so close to yesterday”s 2088.25 low whose oversold RSIs require a retest, probably down to 2086.50.

Bearish can”t become bullish, but its bearishness can be delayed by sellers overplaying their hand. Already testing 2086.50 before the 2:00 ET FOMC policy statement, or holding its test on a knee-jerk reaction to the news, could find selling pressure fully expended. Twice.

But that keeps the door open to the vulnerability we discussed yesterday about this morning”s likely pullback. That without attracting strong-handed sponsorship, the market might discover the prior two weeks of distribution left no one to defend this range.