Mid-day Update… Respect.

Bias-up signaled, target met. News dead ahead.

Trending ahead of an FOMC event? It’s just the Minutes, but still.

The morning’s 2050.50 bias-up signal’s test defined the bias environment’s upper-end. Its reaction down to 2044.50 was recovered back to the morning’s 2052.00 high. Which was retested again as the noon hour ended.

This time it was probed, triggering the afternoon’s 2052.50 bias-up signal. Its 2057.75 bias-up target was just touched.

That last upleg is odd, developing just an hour before the 2:00pm FOMC Minutes. Probing above this morning’s high was unlikely, so triggering bias-up is less likely.

The bias-up target’s attraction is now neutralized. Yesterday afternoon’s plunge has been retraced entirely. It’s not actually rejected, so the recovery is still vulnerable to reacting negatively to the FOMC event, especially greeting the news from under 2055.00.