Last-minute update before FOMC

This afternoon”s drop has proved out my skepticism of the upside potential ahead of the FOMC events. The pre-open and post-open impatient optimism around yesterday”s 2056.25 low was bearish from a contrarian perspective. Tests of 2061.50 held, and ultimately reversed down into the noon hour and through it. Now fresh lows have been probed down to 2052.25.

And the announcement is 15 minutes away.

Testing this area and already recovering above a prior high by now would have greeted the news from a position of strength. Recovering this area from having tested 2048.00-2048.75 would have sufficed. It”s too late for that, too.

If anything, the news is being greeted from a position of weakness. But that”s a little too late to be reliably bearish.

Like the open, this afternoon”s environment will be inappropriate for less aggressive traders. Aggressive tactics apply.