Mid-day Update… Choppy before the news.

FOMC Minutes coming shortly.

This morning’s upside held no surprises, other than there being upside. Trending was likely to be limited to 3-4 points, and that’s what was produced. An attraction at 2785.50 was touched, and its retest probed the 2786.00 bias-up signal before noon. Twice.

Reacting down through the noon hour reached fresh post-open lows, coming withing 3 ticks of this afternoon’s 2775.00 bias-down signal. Once again, like this morning, neither bias signal was touched while triggering no-bias.

For all of this volatility, price action remains within the range of yesterday’s final hour. Even reacting back up into the bias environment is now touching 2785.00. The bias-up signal is 2-1/2 points higher, coinciding with yesterday’s high. It should define the window’s upper-end if actually tested, which is possible in reaction to the 2:00 FOMC Minutes.

Reacting down to FOMC Minutes is also possible. Reliability is diminished when multiple timing windows overlap each other, along with durable trending. I would continue keeping smaller expectations for moves until the pattern proves otherwise.