FOMC Hours.

Impending news release is inhibiting the recovery.

The reaction up from 2119.25 probed 1 point above 2125.25. A pullback from there was likely to recover, since it would have originated from a position of strength.

In fact, a pullback did recover. I had not expected so deep of a pullback, all the way down to 2121.00 which was the deepest a pullback would be allowed. So, I still assume that was only a temporary pullback.

Back under 2121.00 would suggest otherwise. This afternoon”s 2:00 ET release of FOMC Minutes is just a couple of hours away. Greeting the news from under 2121.00 would be vulnerable to reacting very poorly, or else to rejecting an initially favorable knee-jerk reaction up.

An attraction remains outstanding above at 2128.50. Greeting the news from under it, but from above 2125.25, would be likelier to react favorably, if not recover from from initially dipping.