Post-open Review… Position of weak strength.

Pre-FOMC rally is expending a lot of energy.

Expending energy, and also fulfilling it. The 2065.00 bias-up signal triggered, and its 2071.50 target has been met already. It’s being probed up to 2074.00. Overbought RSIs will require its retest if a reaction down were to develop here.

Greeting this afternoon’s FOMC from a position of strength has been the expectation. But also expected was to react favorably and extend the rally. This was likeliest from dipping this morning to refuel buyers, however deeply, but already recovering into the 2:00 news.

This morning’s post-open dip was off of overnight highs, never actually reversing back under yesterday’s cash session close. That’s impatient optimism. Already fulfilling the bias-up target has satisfied that much buying pressure.

FOMC can still be greeted from a position of strength by dipping back back down to “lower prior highs” around 2066.00. Leaving overbought RSIs outstanding at the highs would help to provide a safety tether. Greeting the news above all prior highs can still resolve up, but we’ll be that much more assured of 2088.00 being a final destination for the correction.