Mid-day Update… Heavily discounted. But also trending.

Weak-handed or not, sellers are being rewarded.

Testing, retesting, and re-retesting this morning’s 2828.50 bias-down signal ultimately held in time to trigger late no-bias. An offsetting test of its 2842.25 bias-up signal was put into play. But it was hardly attacked, but for a structural fresh high at 2833.00.

And then fresh lows were probed down to 2821.00. A recovery seemed to be forming around 2825.00 when a Trump China trade comment triggered a spike down to fresh lows at 2817.25. Now a bounce is retesting 2825.00.

Weak-handed sponsors are likely producing the noon hour’s fresh lows. As likely as they were producing this morning’s lows. Which is to say, so what. They’ve been pretty productive.

Usually trending beyond a prior extreme (yesterday’s lows) would be difficult ahead of FOMC. Of course, usually price action reacts to political uncertainty like this morning’s Brexit headlines.

The latter may have ended for the day, considering what time it is. And the former is about to begin, with the Policy Statement at 2:00 and the Fed Chair Q&A at 2:30. Perhaps those headlines will find price sufficiently discounted for a favorable reaction up — or at least, a recovery from a knee-jerk reaction down.