Post-open review

Back to square none.

The overnight rally to 2046.50 had been retraced to 2028.50 well before the open. Its bounce to 2040.00 had plenty of opportunity to extend higher through the open.

It didn”t

The 2037.25 opening print is also this morning”s bias-up target. A blip-up probed it by 1 point before plunging back down to the 2030.50 bias-up signal. Sideways ranging up to 2036.00 was rejected back down to 2030.50, which was still being overlapped at both 10:15 and 10:30 to avoid triggering bias-up OR no-bias.

Having tested both bias-up parameters, triggering no-bias would have put into-play tests of both bias-down parameters. Already plunging down to 2018.50 suggests the 2017.00 bias-down target will be met, too, anyway.

The rejection of last night”s rally is astonishing. I”m still viewing interim weakness as being defensive posturing ahead of this afternoon”s FOMC statement. But that will depend upon greeting the news from above a relevant resistance — which couldn”t be further from this market”s mind right now.