Post-open Review… Miniature inverse of yesterday.

Gap up and range choppily sideways.

Yesterday’s open had gapped open sharply lower. The first half-hour ranged widely. And each of the session’s leg’s choppily overlapped the open. This morning’s action is similar. Gapping open (less) sharply higher and ranging (less) widely has only ranged choppily sideways around the opening print.

This is in-line with my warning this morning that trending would be difficult — both because of yesterday’s wide range, and because of this afternoon’s impending news. So, the open’s surge barely pierced the overnight high up to 2839.75 before reversing down to 2830.50.

Now retracing the bounce is probing fresh post-open lows down to 2827.75. The range persists.

Meanwhile, these are large legs because there is a lot of room within yesterday’s opening range of support and resistance. Neither end of any range requires being retested, but moves away from its midpoint are likely to return.

Spoiler Alert: Often when greeting FOMC events in a persistent range, the volatile reaction to its news tends to be contained within the range. But breaking lower would be attracted down to the gap back to yesterday’s 2824.00 area close. And fresh session highs would likely test 2845-2847.