Pre-close View… And there it is.

FOMC reaction recovers back to prior highs.

The FOMC elected not to raise rates. Shocker. The intraday corrective drop from the open’s anchor had cleared out selling pressure.

The news was greeted at 2136.00. A blip down held 2133.00 and reversed up as sharply to 2142.00. That extended up to 2146.25 before finally correcting ahead of Yellen’s press conference. She can still threaten, even though the Fed can’t actually bite. So price corrected back down to 2135.25.

Another upleg began with the conference’s start. Having stopped pessimistically short of neutralizing Monday’s overbought RSIs at 2146.75, the area offered little resistance on its retest. Its retest was rewarded by extending higher to last Monday’s highs, which are now being tested up to 2152.25.

Is that it? Possibly. Last Monday’s higher prior lows, the gap back to its close, a 61.8% retracement of the structure containing it… all have been tested at 2152.25. Until actually exceeding the room for noise above it at 2153.00, the market is vulnerable to reversing down. Sharply.