Pre-close View… Also: starting the Wrap early.

Today’s post-market Wrap will begin at 3:40 ET, before the close.

Choppy ranging persisted through the afternoon bias environment as was expected, presumably from inhibition ahead of tomorrow’s FOMC policy statement. Perhaps a little too optimistically, as its reaction down from 2046.75 only reached 2036.75, ignoring its potential to 2034.25.

Turnabout is fair play. Bouncing back into the range has stopped has been resisted by the afternoon’s 2044.00 bias-up target, which is pessimistically short of the noon hour highs. Now the bias environment is lapsing, so the rally is vulnerable to resuming.

Breaking beyond either 2040.00 or 2046.00 would likely trend another 6 points in that direction, to 2034.00 with room for noise down to 2032.00-2033.00, or to 2052.00 with room for noise up to 2055.50. Beware of false breaks during the FOMC policy statement inhibition.