Mid-day Update… The market’s eager for a catalyst.

FOMC news and its reaction on their way.

This morning’s rejection of the bias-up signal wasn’t decisive enough to rely on an offsetting test of the bias-down target. Testing only the 2270.75 bias-down signal down to 2268.25 may have satisfied selling pressure. May have.

Meanwhile, this afternoon’s 2275.00 bias-up signal was touched but not triggered. As much buying pressure as could be expended without reversing the trend up was expended. Not a position of strength.

Greeting the 2:00 FOMC news from under 2270.75 would be likely to extend down. Perhaps this morning’s 2265.25 bias-down target is met, after all — and broken on the way to testing 2248.50.

A bullish reaction would be likelier if the news were greeted from above 2277.00-2278.50. Regardless, note that earnings and tomorrow’s BOE statement are still going to inhibit sponsorship.