Mid-day Update… And now back up to square one.

Relentless intraday rally testing a lot of resistance.

Today’s session is decidedly different from yesterday. On its face. There are interesting commonalities beneath the surface.

Gapping down Tuesday and trending down sharply is different only directionally from today’s gap up that has trended higher. Each session was drawn by attractions that were neutralized but broken. And neither has confirmed its trending is durable.

Being similar, today’s pattern should resolve differently. Yesterday reversed from a fresh session low back up to a prior high, stopping short of signaling momentum had reversed up. Today’s pattern doesn’t have a similar prior low to retrace, but its upside momentum can be contained by closing back under 2715.00. And closing under 2711.00 can signal momentum reversing down.

Of course, the other different resolution is not to reverse down, at all. This afternoon’s 2727.25 bias-up target was met at 1:20 and it’s still being tested a half-hour later while RSIs finally diverge negatively. Exiting the bias environment high by ignoring the target’s resistance and the technicals’ drag would be likely to probe above 2733.00.

Regardless of today’s resolution, and while awaiting it, keep in mind that this week has already indicated a pattern of quick turns and strong trending. Be careful not to get caught for too long on the wrong side of a move.