Mid-day Update… Another shoe?

Early swings narrow into and out of the lunch hour.

The open’s 10-11 point surge up to natural resistance near yesterday’s 2721.50 low was reversed down to 2708.50. A lot of that was recovered up to 2720.00 through the bias environment lapsing. Another 2-3 swings have narrowed around 2715.00, triggering the afternoon’s no-bias.

FOMC Minutes is due at the top of the hour.

Not yet extending the rally when the bias environment lapses might still attempt it, but not very credibly. Simply resuming the rally would be more credible for resuming the decline — and the most credible alternative to not improving the recovery.