Mid-day Update… Another leg?

Bias-up sets stage for yet another session surge.

Not just another upleg, but another surge. There were two overnight and one at the open up to 2069.00. Backing-and-filling down to 2064.00 has resolved up to 2070.00. This afternoon’s 2067.25 bias-up signal was triggered along the way.

The bias-up target isn’t much higher, around 2071.00. But the late break to fresh session highs suggests that sellers are being patient — and that’s strong-handed. Plunging 5-1/2 points before the noon hour is aggressive and impatient — and weak-handed.

Regardless of the potential upside, price action is still ranging around the opening surge’s 2069.00 peak. Breaking free of it won’t be easy, but it should be rewarded by a surge to fresh highs. Back under 2066.00 would suggest momentum is reversing down instead.