No-bias, for the moment.

[pay]The noon hour’s narrow ranging is a smaller souvenir of 6-hour range that preceded the cash session open. Regardless, neither signal was triggered, and trending attempted before the bottom of the hour would be suspicious. This market is very much at equilibrium, whether floating in the middle of a wide range or constrained in a narrow range. Regardless, the first reaction to FOMC minutes at 2:00 is likely to be reversed more substantially in the opposite direction.

That should reverse down from a knee-jerk reaction up to ESm 1374’00, or reverse up from a reaction down to 1363’00. In either case, reversing at least 3 points would make the reversal much more likely to continue.

One alternate scenario is that S&Ps will have already broken beyond one side of the 1363’00-1374’00 range. That would be much less likely for the FOMC reaction to reverse, and more likely to continue trending in that direction.[/pay]