Post-open Review… Shades of pessimism ahead of FOMC.

Overnight dip extends, briefly.

Breaking under the overnight range’s lower-end probed under yesterday’s late 2265.50 lows down to 2262.75. Its post-open reaction touched 2267.75 before reversing back down, targeting a probe under the pre-open low. It was probed by 1 point down to 2261.75.

The reversal’s timing touched the 2264.00 bias-down signal in time to invoke the grace period. And after another retest of the low, 2264.00 was tested again. Tested again, but still being tested when the grace period lapsed at 10:30.

This is a noN-bias environment. Not a bias-down targeting 2258.00. Not a no-bias targeting a test of the 2270.75 bias-up signal. it is noN-bias, without any bias requirement this morning.

Fresh lows would still be likely to test 2258.00. Extending higher would still be likely to test 2270.75. Any resolution at all is hampered by strong-handed sponsorship generally sidelined just before a high-profile event like this afternoon’s FOMC.