Mid-day Update… A resistance too far.

Bounce potential more than fully satisfied.

Actually, the bounce underway could extend next to 2052.00. But that would really be pushing it. Just testing 2040.00 and its room for noise up to 2041.50 sent price down to 2030.50. Its noon hour recovery probed nearly 2 points above the afternoon’s 2044.00 bias-up target.

The bias-up target wasn’t rejected entirely — 1:20’s bias timing window only attacked the 2038.25 bias-up signal as support. And it was only being overlapped at 1:30. Pierced, yes, but overlapped.

That reaction down has extended to 2036.75, and it’s probably targeting 2034.25. Probing under the bias-up signal isn’t unusual, this being a bias-up environment whose target has been met. But the 2038.25 bias-up signal still should be revisited.

It’s no longer premature for trending to be inhibited by its proximity to tomorrow’s FOMC policy statement. The balance of the session could still range choppily, but likely only range or temporarily probe its fringes.