Mid-day Update… Anxiousness attack?

Another narrowing range.

This morning’s recovery had attacked the 2266.00 bias-up signal. It didn’t trigger, but did define the window’s upper-end. Its lower-end was a dip down to 2261.50.

Several more bounces each have returned down to 2261.50. The interim bounces are lower and lower, forming a Descending Triangle. The pattern was free to break lower coming out of the noon hour. That window came and went, with 2261.50 holding as support.

Beige Book is scheduled at the top of the hour. I can’t attribute the hesitation to its impending release, since it hasn’t been that influential for awhile. Anyway, the narrowing range began too early for it to be associated directly.

Maybe it’s the final hour’s scheduled appearance by Fed chair Yellen. Finally releasing the Beige Book data could be enough to allow some reaction. But I would be concerned about the lack of volatility if the session ends with this range persisting.