Pre-close view… Fed feelers.

Reaction to the Minutes has probed lower and higher.

This morning”s rogue plunge exploited the open”s rally. That room was needed for absorbing a negative knee-jerk reaction to the afternoon”s FOMC Minutes. 

Exiting the bias environment above 2075.00 would have reinstated that position of strength, but it was only touched at 11:30. Entering the noon hour above 2077.50 would have worked, but it was also only touched by then.

So, FOMC Minutes wasn”t greeted from strength. Or, from weakness. It was greeted within a 2070.50-2075.00 range. The first break was lower to test 2066.00 support. Its reaction attacked the high up to 2079.50. And then dipped back into the range at 2071.00.

A short-squeeze could have formed from entering the final hour above the morning”s high. A bigger sell-off would have been triggered back under 2070.50. Beyond either end of the range through 3:10-3:20 could still be credible for extending aggressively in that direction — but only as credibly as the past two sessions” late drops.