Mid-day Update… BIAS-DOWN, BIAS-DOWN TARGET MET.

Greeting FOMC from a pullback to support.

The post-open dip to 2947.00 was recovered before noon back up to the morning’s 2955.75 bias-up target. Its reaction trended down to fresh lows through the noon hour and tested this afternoon’s 2944.50 bias-down target by 1 point. Its reaction bounced up to test this afternoon’s 2950.50 bias-down signal by 3 ticks, which held its test.

This is a bias-down environment, and its bias-down target was already met. Its retest is in-play, but won’t become “unfinished business” if left outstanding.

Retesting the bias-down target is less likely with the FOMC events just minutes away and beginning during the bias environment. Greeting FOMC from beyond either end of the 2946.25-2949.50 range would be likely to react in that direction. In between is an unknown “no man’s land”.

Volatility tends to be excessive during FOMC policy statements and Fed Chair Q&As. Be sure to consider that greater degree of unpredictability in position-sizing and execution decisions.