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I was away from the screens on the Friday of Memorial Day weekend, so no signals were displayed. The market was compliant to my absence — probably to a lot of participants’ absences — and ranged extremely narrowly into the weekend.

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Wednesday afternoon’s FOMC rally was likely to produce a long-awaited test of my 2415.00 target. That high-confidence outlook encouraged confidence in an early trigger at 2408.75 that extended almost 8 points before the morning’s timing window began lapsing. The balance of the session essentially ranged sideways as the target was digested.

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FOMC policy statement days are always fun. Wednesday’s was at first very frustrating, range-bound between inflection points. A late sell signal held little value before the news reaction triggered a reversal that extended through the close.

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Tuesday’s open ran into resistance at a structural detail I call “higher prior lows.” The previous range’s pattern was later probed and a 2395.75 buy signal was exceeded only to the 2399.00-2401.00 target area’s lower-end. Ranging sideways through the afternoon was unable to extend the break of either a sell signal or a buy signal.

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Although monthly expiration was Friday, its influence lingers through Monday morning. My proprietary WedEX signal had triggered bearish, and its influence began Friday afternoon. Its influence Monday morning was limited to retracing the open’s surge. The signal’s influence comes within view of lapsing at 11:15, which coincided with a buy signal triggering at 2388.00. Its 4-point rally was corrected, but resumed too late to be very productive.

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