Post-open review

Impatient buyers seem to be betting on a “patient” FOMC.

The pre-open hovering just 3 ticks above yesterday”s 2056.25 low reflected optimism. It was repeated post-open. A blip-down into the top of the hour pierced a fresh low down to 2055.75. And then blipped right back up.

More optimism.

From a contrarian perspective, all of that optimism is potentially bearish. It went on to prevent a clean trigger of this morning”s 2060.25 bias-down signal at 10:15, which was still being overlapped at 10:30 to trigger noN-bias. It”s still being overlapped while printing post-open highs up to 2062.00. 

Color me skeptical.

The more that it”s fought, especially without yet rallying decisively above 2060.25, the likelier for the FOMC reaction to be down. Sharply. And this is even if the FOMC remains “patient.”