Mid-day Update… Calm before the calm.

Extremely narrow range.

The open’s blip-up to 2400.50 reacted down immediately to 2397.50, and then eventually to 2396.75. Ultimately, the 2399.00 bias-up signal holding its test put into play an offsetting test of the 2391.00 bias-down signal. That has become “unfinished business below.”

It’s difficult to snap back down without first popping up vigorously. So, it’s difficult to give the downside attractions — including 2393.50 — much near-term credibility. The minimum structural requirement was fulfilled by probing yesterday’s high, for however briefly. But sponsorship is missing all around.

FOMC Minutes will be released shortly. It might be the catalyst for triggering trending, or for triggering a false break that does snap back in the opposite direction. Any trending that begins during this afternoon’s no-bias environment is likely to be retraced.