Mid-day Update… Hanging in there.

Low-volume session ranging narrowly.

Volume is already depressed from lower participation today due to the Yom Kippur holiday. Volatility has also been inhibited ahead of this afternoon’s impending FOMC Minutes release. The morning’s range was defined by its 2126.50-2135.00 bias signals. And the noon hour’s high came within 1 tick of this afternoon’s 2137.75 bias-up signal.

Now the FOMC Minutes are released. Its knee-jerk reaction up pierced 2137.75 by 2 ticks before reacting down sharply to 2133.00. Any lower would signal the balance of the afternoon was likely to trending down.

There’s otherwise no requirement to rally in place of declining. The balance of the session is equally vulnerable to only ranging sideways into the close.