Mid-day Update… Anchored.

New highs through two timing windows.

Remember that narrow 2-point overnight range? This morning was something else entirely. and that post-open 4-1/2 point dip? Retraced entirely, and pales in comparison to the 11-point rally that its recovery became.

All this morning. Probing new highs — and not by a little, thanks to starting the rally early. All within expectations. Also within expectations? Vulnerability to an afternn if this afternoon does reverse down, this morning’s rally is too steep of a trajectory to contain the ultimate high.

But noN-bias just triggered, so there is no higher target in-play. And this morning’s rally above its 2509.50 bias-up signal originated too late to trigger. It is “no-bias trending” that requires being retraced, often also to its 10:15 print which was 2508.00.

This being a Friday, not already reversing down as the bias environment lapses would instead be vulnerable to extending higher into the close. A meaningful portion of market participants is about to start leaving early for the Yom Kippur holiday, and thinner volume can have volatile effects at these heights.