Mid-day Update… Another leg?

Volatile session now catching its breath.

18 points were gained from yesterday’s cash session close to the overnight high. More than half of it was retraced by the open’s drop to yesterday morning’s “lower prior highs” at 2129.00. And almost all of that drop has been recovered.

Rallying back to 2138.50 at noon hovered, and dipped, while still trading just a two points lower two hour later. Stopping short of the 2139.00 high is pessimism. Not yet reversing down is “ineffectual pessimism.” And pessimism is potentially bullish from a contrarian perspective.

The afternoon’s no-bias environment triggered without even touching either signal. Sponsorship is not involved. Narrow and/or directionless ranging is appropriate for this signal. Soon the no-bias environment will begin lapsing.

Back above 2137.50 would target slightly higher highs around 2141.50. There is potential to extend even higher, but also vulnerability to reversing down sharply. Just dropping back under 2135.00 would suggest a drop is developing anyway.