Pre-close View… Air pocket above?

REMINDER: I’m away from screens for the final hour. There will be NO post-close market Wrap, and the blog will be updated this evening. Thank you.

This afternoon’s 2097.00 bias-up signal was attacked to within 2 ticks before failing to trigger. Its reaction down attacked 2091.00 and consolidated ahead of the Beige Book release. It strengthened the case for hiking, triggering a dip back under 2092.00.

But not back to 2091.00, let alone lower.

So, the bias environment had expended a lot of selling pressure when its no-bias signal wasn’t going to gain any traction for its effort. The knee-jerk reaction down on news was only noise. The downside was done.

At least, it stepped aside for a 6-point surge to fresh post-open highs attacking 2098.00. And now the afternoon’s bias environment is lapsing, so yesterday’s lack of traction has become irrelevant. Trending above yesterday’s range is allowed.

An OPEC headline just triggered another knee-jerk reaction down which just touched 2094.25. Entering the final hour above 2098.00 could rally relentlessly through the close. Meanwhile, the intraday trend doesn’t signal it’s reversing down until breaking under 2093.00.