Mid-day Update… Weighting game.

Noon hour drop is extending ahead of FOMC.

This morning’s 2677.75 bias-up target became “unfinished business above” when left outstanding as the bias environment lapsed. The 2675.50 high was made as a knee-jerk reaction to a headline after the bias environment began lapsing. Its reaction down slid sharply as the noon hour began.

That’s not trending. Trending was already difficult ahead of this afternoon’s FOMC events. Retracing ground that was already covered doesn’t require sponsorship. Now sliding to within 1 point of this afternoon’s 2666.50 bias-down signal is awaiting 2:00 the FOMC policy statement.

Retesting the high — let alone the unfinished business above — is not required before more substantial selling begins. FOMC events can be a great catalyst for the volatility such a move would need. But 2677.75 can be left outstanding, so the chaRTroom will actively update relevant levels and setups during the events.