Mid-day Update… All done?

Upside targets met, and held. And reversed.

The only template still working at the open was an intraday retest of 2471.00-2473.50, and its vulnerability to reversing into a new downleg. Even the 2468.50 bias-up signal joined in, targeting 2474.00.

2474.00 was met soon after noon. I reiterated in the chaRTroom my warning from this morning, that the corrective bounce from last week’s low may have completed. Satisfying buying pressure while 1-minute RSI diverged negatively didn’t help. But new sponsorship would be especially difficult to attract with FOMC Minutes just ahead.

Price had backed off already before (Trump) headlines triggered a drop. It extended down in time to test this afternoon’s 2467.50 bias-down signal. The signal held through 1:20 to avoid triggering.

Then 2467.50 was probed by nearly 2 points but was still overlapped at 1:30. Any lower would have invalidated the no-bias that had triggered at 1:20. Could there be a reaction up on FOMC? Perhaps. But probably no more than a correction, because ending its inhibiting role will be replaced by a new one as the headlines play out.