Mid-day Update… Only a little inhibited.

Noon hour’s high has corrected.

This morning’s test of 2574.00 was corrected down to yesterday’s 2562.50 late surge. The rally resumed to fresh highs during the noon hour, attacking this afternoon’s 2581.00 bias-up target.

And now this afternoon’s 2573.75 bias-up signal has failed to trigger. This is a no-bias environment, already having tested its bias-up parameters. News is coming — the FOMC policy statement at 2:00 and then the Fed Chair Q&A a half-hour later.

Testing the bias-up parameters would seem overly optimistic, if not having been retraced in time. Resuming the rally is possible, and at least a retest of 2581.00 is likely. Actually, a lot of volatility is likely. The pattern remains vulnerable to resolving down since the open did not form a solid base.