Mid-day Update… A detour to the detour’s detour?

Morning slide is retraced entirely.

The Globex-flip setup produced its minimum requirement, to produce bearish behavior through the morning. Exiting the open under the 2813.25 earlier Globex low collapsed 30 points down to 2783.25. It was already retraced 61.8% when the bias environment began lapsing at 11:30.

That should have held if the bearish influence were going to persist through tomorrow morning, too. Instead, extending higher through the noon hour has returned to the lower-end of the 2819.50-2823.00 bounce objective.

Just piercing the 2819.50-2823.00 lower-end would be likely to test its upper-end. And that would likely probe the 2814.00 overnight highs. All of which would make the next higher objective at 2838.00 likely. Perhaps the FOMC Minutes reaction will trigger that — anxiousness ahead of it is not.

So, avoiding fresh highs this afternoon would keep alive another downleg that resumes retracing and reversing yesterday’s rally. Even if originating from higher, that’s the likely resolution to having broken out of the multi-session Ascending Triangle.