Bias-up target met within 1 tick.

A lot of optimism expended.

[pay]The 1334.50 bias-up target was met within 1 tick. Falling back under 1331.00 would take it off the table, signaling that momentum had reversed down. Exiting the noon hour back under 1328.50 would confirm a retest underway of 1319.00.

Back above 1333.50 would signal the bounce was extending up to 1336.00. And 1336.00 would remain in-play so long as 1333.50 were to hold as support.

In other words, a fresh high above 1334.25 that was reversed back under 1333.50 would instead form a top. This vulnerability should be considered since RSIs diverged negatively into 1334.25.

The sooner that this morning’s bounce is retraced into negative territory, the likelier that it was intended to refuel sellers. Some delay might be allowable with this afternoon’s FOMC Minutes release looming ahead.

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