Mid-day Update… Sitting pretty.

Holding recovery to fresh post-open highs.

This morning’s dip to at least test the 2727.75 bias-down target ultimately probed it 4-1/2 points lower. Nevertheless, its test was isolated — the 10:15 2736.00 print and the 10:30 2739.25 print were recovered as the bias environment lapsed from 11:30-noon.

Its buyers were rewarded by probing fresh session highs up to 2742.00. And now the market awaits the 2:00 FOMC Minutes.

The minimum likely reward is to probe above yesterday’s 2745.00 high. Hesitation can be considered as pessimism, which is potentially bullish from a contrarian perspective, and could contribute to probing well above yesterday’s high. Having said that, an initially negative knee-jerk reaction down has room to retest 2727.75 before suggesting a deeper pullback may be underway.