Mid-day Update… Slow-playing the news.

FOMC and resistance just ahead.

This morning’s fulfilled bias-down environment attempted what two prior timing windows had tried and failed — yet another fresh low was recovered back to a prior high.

This time worked. The recovery extended up to 2090.00.

The 2065.75 low had essentially fulfilled the renewed bias-down signal. It was never in-play, since the 2071.00 bias-down target was recovered through 10:15. Lower lows were possible, despite not renewing the bias-down. But not renewing had left the door open to recovering.

And the recovery extended through the noon hour.

Now a 5-point pullback is reserving optimism ahead of the 2:00 FOMC Minutes. A knee-jerk reaction and resolution are not required to be in either direction, so be careful with any position going into the news.