The FOMC policy statement announced a thoroughly-telegraphed rate hike. Already having pulled back 4 points from rallying into the noon hour’s 2374.50 high, the news triggered a surge to 2381.00.

Its correction targeted at least a touch of 2375.50, which was then soon tested. A new upleg was launched that attacked 2383.00.

Now 2383.00 has been retested, while at last 1-minute RSI tried diverging negatively. It was still on the cusp of being overbought, so its reaction down to 2380.00 isn’t assured of reversing momentum down.

So, the intraday uptrend remains intact and next targeting 2385.50-2386.25. The attraction back to two-week old highs would start to become tenuous above there. Meanwhile, back under 2379.00 could trigger a deeper drop into the close.

This morning’s no-bias had triggered after testing the 2339.75 bias-down signal. And not by a little. Despite bouncing up to 2343.25, the open’s 2337.25 low was attacked to within 2 points.

But the mid-morning dip to 2337.75 held, as was likely, being a no-bias environment.

Price action since exiting the morning’s bias environment has trended higher. Of 7 points since the low, 3 points have printed into the afternoon bias environment began lapsing.

Fresh session highs are now attacking yesterday’s ~2346.00 close. Unchanged is natural resistance, but that’s no excuse for not closing positive. Similarly, the bullish WedEX influence is no protection against a last-minute reaction down.

There will be no hold-long (or hold-short). “Unfinished business above” remains outstanding at this morning’s 2348.25 bias-up signal.

The afternoon’s 2325.75 bias-up signal triggered late, but extended quickly. The 2329.00 high is short of its 2331.50 bias-up target, but it becomes “unfinished business above.”

At least, I’ll give the 2331.50 bias-up target’s eventual test every benefit of the doubt, until disproved.

Exiting the bias environment back under its 2325.75 bias-up signal would have disproved it. Having been triggered late, that would have sufficed to invalidate the signal. In fact, 2325.75 was being tested at the final hour’s entry, but not broken.

Another fresh reaction low would be too late to disprove 2331.50 is unfinished business above. But it would be credible for extending down to 2331.50. Meanwhile, back above 2329.75 could resume the rally.

This morning’s 2311.75 bias-up target was met to within 1 tick during the bias environment. This afternoon’s bias-up signal has extended to within 1 point of its 2316.75 target.

The high should be retested since its RSIs are overbought. But its retest need not be today. And it might not be, having exited the bias environment back under the noon hour’s 2313.50 high.

Maintaining a break under 2312.75 (being tested now) could correct down to 2309.75 or 2308.50, and still not reverse the trend down.

Getting carried away, and closing under yesterday’s 2307.75 high, would prevent a new trend high close today. That would mean not confirming yesterday’s breakout. It would also mean not exploiting the proximity to a new trend high close on a Friday.

Hovering at and/or around the bias signal in a noN-bias environment often resolves in the signal’s direction when the bias environment lapses. This afternoon’s 2292.25 bias-up signal did just that, as price was almost glued to it.

And now price is firming. But only barely, back up to this morning’s 2293.75 high. Still no resolution.

Often, when not exploiting that opportunity to trend in the signal’s direction, the setup will resolve in the opposite direction. That’s not yet unlikely in this setup, since price hasn’t yet resolved up.

Resolving up at all would target new highs. Meanwhile, the delay in resolving up keeps alive potential for another downdraft, first.

Probing new highs intraday, by double digits. Observations don’t get much stronger than that. Today could form a breakout, putting into play 2227.00.

That would be subject to a second consecutive higher close tomorrow. And before then, a breakout would be subject to actually maintaining the rally through the close.

A trending session that exits the afternoon bias environment at a fresh session extreme is rarely reversed before the close. But when it is reversed, it is reversed hard. A reversal has very little time to accomplish anything predictive — like closing under the 2286.50 opening print.

Event the most bullish scenario would still allow dipping into the close, but not any deeper than 2287.25. And while it’s probably too late to enter the final hour above the bias environment high, the 3:10-3:20 proxy window could still gain traction.

The breakout from this morning’s range has persisted through the noon hour, and through the afternoon bias environment. In fact, it exited the bias environment above the noon hour’s high. And not it is also probing fresh highs into the final hour.

That’s traction, and it suggests tomorrow morning will also trend u, so long as the final hour includes a correction that doesn’t reverse momentum down.

The only unfinished business above still outstanding is the new trend high close that became required three Fridays ago. Otherwise, 2278.25 has been tested, and a 2800.00 handle is printing.

RSIs are on the cusp of being overbought, which is too close to consider a divergence. A reaction down today could still recover if done quickly. A new high close is not at all assured.

The late-morning test of the 2253.00 bias-down target had produced a bounce into the noon hour. It was testing this afternoon;s 2257.75 bias-up signal at the wrong time to trigger. A sudden surge probed it by 4 points, but that was retraced when the bias environment began lapsing.

Back above 2260.75 could extend higher intraday. Its signal would be more credible if triggered during the 3:10-3:20 position-squaring window that just opened.

Meanwhile, another bounce is touching 2260.00 at the final hour’s entry. It retraces 61.8% of the bias environment’s late surge. Back under 2256.75 would signal the bounce had failed, reversing momentum down to fresh session lows.

The 2260.75 bias-down target would have required a test had the 2266.00 bias-down signal triggered. This is despite having tested 2260.75 already during the noon hour. Bias-down didn’t actually trigger since it was still being tested both at 1:20 and 1:30. But the noN-bias environment tested 2260.75 anyway.

Bouncing from there is now testing 2266.00 as resistance. Each afternoon bias environment exit since last Friday has rallied into the close. Today may be an exception if 2266.00 holds its test. Back under 2263.00 would instead trigger another downleg.

The open’s uptrending didn’t prevent the noon hour’s drop. So it won’t necessarily prevent a closing drop. Resuming the rally would target fresh session highs above 2272.75. Resuming the decline would target yesterday’s 2253.00 low.

This afternoon’s no-bias environment didn’t touch its 2260.75 bias-down signal in time to trigger. But it was tested well into the bias environment. And it broke sharply lower to 2253.00. This is “no-bias trending,” which requires being retraced at least to 2260.75.

Only one bar probed under last week’s 2255.00 pivotal low, while also not overlapping 2255.00. And price since then has trended back up to within 1 point of 2260.75. Its attraction is almost neutralized.

Oversold RSIs at the low will want to be retested. And just touching last week’s pivotal low all but requires testing its 2248.50 actual low. Back under 2256.50 would trigger a downleg.

Otherwise, back above 2262.00 could delay the low’s retest, and its break, until another rally leg.