Mid-day Update… FOMC ahead.

Have sellers discounted enough of a reaction?

No-bias triggered cleanly this morning. Attacking 2826.00 was required to retrace at least the 2823.25 bias-up signal. Anyway, its difficult attracting sponsorship ahead of FOMC policy statements. And the open’s congestion was already likely to attract price back down.

The reversal targeted 2815.00. It has extended down to 2808.00 at the noon hour’s low. Also probably not strong-handed sponsorship, but defensive posturing.

So, defensively postured enough? Has the drop discounted the potentially negative news, at least to soften its knee-jerk reaction and help 2804.50 hold as support? The 60-90 seconds following the news could be excused for a probe under 2801.50. An initially favorable reaction would itself need to be maintained, or else be vulnerable to testing 2804.50.