Mid-day Update… Is the lower-end enough?

Minimum objective met, and holding.

The lower-end of the 2715.00-2722.00 objective was teased at repeatedly overnight. Yesterday afternoon had sort of teased at it, too, but it was probed decisively before the open. Despite triggering no-bias and dipping deeply post-open, the morning recovered just to probe the objective again.

2715.00 is substantial resistance. But it’s not yet a substantial repellent. All of that upside attraction might seem bullish. But it should also be noted that this morning’s recovery could have invalidated the no-bias objective below, by exiting the bias environment above its 2718.25 bias-up target, which instead held. So, perhaps hovering at session highs is only ineffectual optimism ahead of the 2:00 Beige Book release.

Probing any higher isn’t required, but probing any higher is likely to test 2722.00-2724.00. Exiting the bias environment in decline would be likely to fulfill unfinished business below at the 2703.75 low’s oversold RSIs and this morning’s 2702.25 bias-down signal. Either resolution is probably the product of pre-expiration positioning, informing this afternoon’s WedEX.