Mid-day Update… Worth the wait?
Yellen about to appear.
This morning’s action adhered to the expected template. The immediately actionable parameter and subsequent
signals have led to fresh highs.
Consequently, the template’s elements are moot, and so is the template.
- There only being an attraction above at 2094.75 had prohibited sell signals. Testing it up to 2095.50 has neutralized its attraction.
- The bias environment has lapsed, and its likelihood for narrow ranging is no longer influential.
- A surge to fresh highs immediately exploited the morning’s noN-bias environment lapsing. This injects a new degree of optimism ahead of Yellen.
Assuming current levels are maintained, Yellen is being greeted from a position of strength. This suggests some probe of higher highs, at some point — either a durable uptrend into the close, a momentary knee-jerk reaction up that resolves down, or a knee-jerk reaction down that resolves up.
Not likely is a knee-jerk reaction down that simply extends lower. At least, not likely without further optimism expressed ahead of the event, like already testing the 2099.00 area.