Mid-day Update… Another shot at upside.

Recovery fills gap, and higher.

The overnight drop was rejected through the open. The morning’s rally didn’t reject it, either. Now the afternoon offers one more chance to reinstate the rally’s upside momentum.

This morning’s 2590.75 bias-down signal was tested this morning, but not recovered in time to invalidate the bias-down rally. So its 2579.00 bias-down signal required a retest for having probed above it during a bias-down environment. That’s now done.

2579.00 was tested by several points, but held this afternoon’s 2577.00 bias-down signal to signal late no-bias. That hasn’t prevented probing under it to 2573.50, which is no-bias trending that requires being retraced. Extending under 2573.50 would start signaling that attractions above were being ignored by a bigger downleg. Otherwise, back above 2579.00 would start to signal the recovery is trying again.

The open missed an opportunity to isolate the overnight dip under yesterday’s lows. This morning missed the opportunity to reject the open’s gap under yesterday’s lows. Not exploiting the failed isolation and rejection setups would give one more opening to a recovery, and to resuming the rally.