Mid-day Update… Hovering ahead of news.

Probing fresh session high, but not high enough.

Reacting up this morning from 2419.25 had potential to 2428.00 simply as a corrective bounce. It was met up to 2429.50 before the bias environment began ending. Fluctuation around it resolved up as the noon hour was ending.

Now this afternoon’s 2430.50 bias-up signal is being tested. Testing it at 1:20 invoked the grace period. Holding it at 1:30 triggered late no-bias. If probed, 2430.50 should define the window’s upper-end. Probing above it would be no-bias trending that is doomed to failure. Back under 2428.00 would start to signal momentum reversing down already.

FOMC Minutes scheduled for release at 2:00 ET are a likely catalyst either to accelerate the recovery to become a rally, or to trigger a probe of some sort under this morning’s low. No resolution is required, but delaying a rally could very quickly devolve into a new downleg to fresh lows.