Mid-day Update… 3 steps forward, 1 step back.
Is today’s dip only a healthy correction?.
Rejecting the test of this morning’s 2149.25 bias-up signal through 10:15 had put into play an
offsetting test of the 2141.00 bias-down signal.
2141.00 was tested down to 2139.50. Only 1-minute RSI diverged positively, but 3-minute RSI was making a higher oversold low after leaving oversold territory. Its reaction spiked up to 2141.00.
Price has only eked higher since then. The path down had been interrupted by ranging between 2143.50-2148.00. Now that range has been tested as resistance.
Back above 2144.00 and 2145.50 would be so far removed from the morning’s low that its downward momentum could be marginalized. That wouldn’t in itself require a recovery, no earlier than late-afternoon since no traction was gained yesterday.
Triggering the 2147.25 bias-up signal is possible, but not necessary to produce another new highs — for which fresh session lows may be the only deterrent.