Pre-close view… Unrelieved non-rally.

FOMC statement”s time in the spotlight hasn”t been terribly bullish.

A bounce to 2102.00 greeted the FOMC policy statement. That was a 61.8% retracement of the last intraday downleg, including its maximum room for noise.

The knee-jerk reaction down to 2095.25 was retraced to 2103.50. Another plunge down precisely to 2095.25 was again retraced precisely to 2095.25. Did I mention precisely?

Deja vu? Untrustworthy base. Despite its next reaction triggering buy signals that extended another 7-1/2 points, the base wasn”t likely to produce a durable rally leg. In fact, a reaction down just touched 2097.25.

A durable recovery is still likely, but not by that first rally leg. Back above 2101.50 (being pierced momentarily now) would allow the shallower 2097.25 pullback to serve by proxy for the deeper 2093.50. Back above 2104.25-2015.00 could trigger a massive short-squeeze.