Mid-day Update… Just another minute.

FOMC Minutes just ahead.

This morning’s 2174.25 bias-down signal had put into play its 2168.00 bias-down target. Having hovered just above 2168.00 for so much of the bias environment, eventually testing it became likely also to visit 2166.00.

A 5-point drop finally broke the range, testing and retesting 2166.00.

Reacting up violated the drop’s bounce limit and then triggered an inflection point, extending already back up to 2174.25. Having been unfinished business below and this morning’s bias-down signal, and the independently calculated early sell signal, 2174.25 is a likely candidate for at least near-term resistance.

The noon hour’s recovery rally was a reaction to dovish comments from a Fed speaker. Now hawkish FOMC Minutes can more easily trigger a reaction down. Back under 2170.75 would target 2167.00.Absorbing less dovish FOMC comments could extend the recovery, triggered back above 2177.00, which is this afternoon’s bias-up target.