Mid-day Update… Another shoe?

Post-open paradigm shift hasn’t shifted back.

The opening action was impressive. As in, it made an impression. Two of them, both with the same setup — opening back under Tuesday’s last relative lows at 2838.75 and 2841.50. Maintaining their break through the opening 15 minutes of volatility formed an anchor, so that reacting up has come from a position of weakness. Meanwhile, the same opening action inverted the WedEX signal to passively bearish by proxy.

The position of weakness didn’t prevent the morning’s bounce 18 points from 2730.25 up to 2748.25. Its reaction down to 2735.50 was reversed up 20 points through the noon hour to 2755.25.

Flat-to-lower narrow ranging still managed to trigger the 2747.75 bias-up signal, while also holding a test of its 2753.00 bias-up target. It’s still a bias-up environment, and back above 2755.75 would start to signal a bigger rally underway.

Otherwise, topping should still close back under 2751.00, or at least overlapping it, but preferably back under Tuesday’s last relative lows at 2838.75 and 2841.50.