Pre-close view… That WAS the kitchen sink.

Pre-news drop produces recovery to fresh highs.

One thing prevented getting too bullish ahead of Wednesday afternoon”s FOMC statement: oversold RSIs at the 2080.00 low. That one thing, and the lack of anything outright bullish. But at least two relevant conditions were potentially bullish.

First, the intraday pullback had developed exclusively since the morning”s bias environment began lapsing, and extended substantially during the noon hour”s noise. That”s not necessarily strong-handed sponsorship, leaving potential for the dip to be defensive posturing.

Second, the 2080.00 low was the afternoon”s bias-down signal. That”s literally as much selling pressure as could be expended without gaining traction.

The FOMC statement”s knee-jerk reaction spiked down to neutralize the low”s oversold RSIs down to 2078.75. Then it recovered to 2094.00. Its reaction to 2085.50 was recovered to 2098.75.

Until dropping back down to 2084.50, having absorbed so much selling pressure last week and since Wednesday”s open, there remains potential for a relief rally. Fresh highs in the 2100.00 area offer resistance, but probing any higher would likely find an air pocket above it.