Pre-close View… Spittin’ distance.

Today’s FOMC behind us, last month’s FOMC ahead of us.

Huh?

This afternoon’s impending FOMC Minutes release is really neither here nor there. Little if anything about it is influential. Its surprises are usually irrelevant. Its real impact is in inhibiting price action ahead of its release.

So, this morning’s pattern was unlikely to extend higher, especially without gapping up. Filling the gap back to yesterday’s close and neutralizing the bias-up signal’s attraction were at first magnetic attractions above. They became repellent as trending ahead of FOMC anything is unlikely.

That repellent took price down low enough to enable a knee-jerk reaction too FOMC. Spiking up to the afternoon’s 1996.00 bias-up target was retraced to 1986.00. But that has been recovered to its next higher target at 2000.00.

And 2000.00 is sticking, not being rejected. So, the bias environment began lapsing above the noon hour’s range and the final hour is being entered above the bias environment’s high.

Buyers gained traction, but holding 2000.00 or not could make a difference. Closing above 2000.00 could extend higher tomorrow without delay. Closing under 2000.00 today can’t be assured of avoiding an interim dip.