Mid-day Update… Waiting for word from on high.

Wide swings ahead of Yellen.

Buyers have been productive, but they haven’t gained traction. First, this morning’s probes of higher and higher highs each overlapped the 1904.75 objective that was next in-line above 1997.00-1999.00.

At least its eventual reaction down avoided probing under the morning’s 1892.00 bias-up target until after the bias environment had lapsed. It was still probed, considerably, to within 2-3 ticks of this afternoon’s 1886.00 bias-down target. But the next bias timing window was exited back above the bias-down signal — coincidentally, also 1892.00.

Now another bounce is exploiting that late unsustained selling, now testing 1902.00. But this is the second instance of productive buying, which isn’t gaining traction. Being a no-bias environment, its range should be defined by its bias signals. And since 1899.75 is this afternoon’s bias-up signal, probing above it should be retraced.

Actually, the afternoon’s 1899.75 bias-up signal is being retraced now. Often, the consequence of probing it prematurely also includes retracing the 1:20 print — that’s 1895.50.

Back under 1898.25 would target 1895.50. It would also create potential for retesting the noon hour’s lows, and lower. Retracing all of the rally from yesterday’s low isn’t required today, but it is required.