Mid-day Update… And then some.

Probing sharply higher highs.

As announced previously, I’m using Friday afternoon’s performance as an input to the WedEX’s influence on Monday morning. If the indicator is influential this afternoon, then its passively bearish posture would suggest gravitating or trending back down before the close.

Meanwhile, buyer have expended a lot of buying pressure. As was suspected, exceeding the morning’s 2825.25 bias-up target would next target the 2831.00 area. The surge between them was a surprise, and kept alive momentum for the noon hour to extend higher to 2836.50.

This afternoon’s 2831.50 bias-up signal has triggered, putting into play a test of the 2838.25 bias-up target. Having said that, NQ underperformed ES with a lower high, suggesting that institutional hands are shunning speculative issues. Until the pre-1:20 high is exceeded, there’s risk of a deeper dip despite being bias-up.