Defensive posturing, or posing?

Morning range gives way into the noon hour.

Having maintained its recovery through 10:15, this morning”s 2090.75 bias-up signal held as support through the bias environment. At least, until its exit came within view 10-15 minutes earlier. Breaking lower then could be credible for extending.

It did break lower. And it was credible. The noon hour was greeted by a reversal pattern that had formed at 2086.50-2089.50. But it didn”t reverse, and broke lower to its 2084.25 minimum objective. Now that”s being probed down to 2081.00.

Is this extra dip just noon hour noise, defensive posturing ahead of the 2:00 FOMC statements? Back above 2087.00 would signal as much, despite oversold RSIs at the low.

Resuming this week”s recovery attempt may depend almost entirely on already probing above a prior high like 2086.00-2087.00 by 2:00 — or else recovering into the Q&A.