There is no higher target

There is no higher target in-play. Tuesday afternoon”s renewed bias-up target at 2088 was tested, and held. Closing above it would have put into play higher objectives. Despite reaching 2088 before the bias environment began lapsing at 2:30, and despite ranging there sideways for 90 minutes, 2088 held as resistance.

That”s not necessarily bearish, since neither was 2088 resistance rejected. Exiting the bias environment above the noon hour”s high didn”t attract new sponsorship at the final hour”s entry, but its reaction held above prior lows. So, no upside follow-through Wednesday is required, but it”s not precluded, and it wouldn”t be surprising.

Gapping up sufficiently could resume the rally despite Tuesday not closing above resistance. An overnight pullback has a lot of room below down to 2077 without being more than constructive pessimism ahead of the afternoon”s FOMC policy statement. Overnight strength will have to clear 2095.50 before suggesting that Tuesday”s rally may be duplicated.

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