What other shoe? Still waiting for the first to drop.

Ineffectual pessimism is entering its third timing window.

Gapping down to 2092.00 didn”t extend down. Probes under it were recovered. But recoveries didn”t extend, and 2092.00 continues to be probed.

Each timing window has offered an opportunity to leave that pessimism behind. Not already rallying out of the morning”s bias environment made a recovery unlikely before the FOMC Minutes, since the time in between usually consolidates.

So, here we are. Still ranging around the 2092.00 opening print, ranging sideways in negative territory. The “ineffectual pessimism” is potentially bullish from a contrarian perspective. At least, for an initially favorable reaction.

But while rallying out of the FOMC Minutes is possible, it would be difficult to maintain if the news were greeted from within this morning”s range. Ranging sideways in negative territory does seem to be preparing for a more substantial move, but maintaining it or extending it can”t be assured.