Pre-close view… Top rung.

FOMC reaction probes fresh highs, intraday.

Ranging had narrowed back to 2122.50 when the FOMC Minutes were released. The reaction surged to 2128.00, and then to 2132.00, where likely resistance had been calculated.

It”s been straight down since then. The minimum pullback objective at 2127.25 was also the likely objective. Bounces to 2129.00 resistance resolved down sharply to 2121.50.

The bigger picture is on-track for deteriorating even further from yesterday”s conditions. Today”s new high originated intraday from under the two prior sessions” intraday highs, 2128.75 and 2130.50. Having probed above them, closing back under them would underscore this area”s resolve. It wouldn”t prevent a fresh high Thursday, perhaps even retesting yesterday”s 2134.00 pre-open high. But any early strength Thursday still would be vulnerable to collapsing through the afternoon.

Now another bounce is targeting 2126.00 resistance. Extending higher to close above yesterday”s 2130.50 high would trigger a bullish three-day weekend indicator, and potentially marginalize sellers through Tuesday morning. But back under 2122.50 would trigger a new downleg.