Mid-day Update… Back to business?
BONUS: SCROLL DOWN FOR NEW INSTRUCTIONAL VIDEOS.
The open’s attack on 2640.00 had renewed the bias-up signal. But it had also held the three pre-open highs. Dipping back down to their 2626.00-2627.00 interim lows didn’t hold, 
and the bias environment extended down sharply to 2602.00.
2602.00 was the peak of Friday’s last-minute bounce. Gaps back down to the 2688.00 and 2697.00 closes weren’t filled before bouncing through the noon hour. That’s optimism. And that optimism was well-rewarded by fulfilling the afternoon’s 2633.50 bias-up target.
This afternoon is a bias-up environment, so its 2626.00 bias-up signal should define the window’s lower-end if tested. It’s trying to contain a test now (see nearby chart). This morning’s bias-up signal probed 7-8 points under its bias-up signal before recovering. Repeating that behavior is possible.
The balance of the session isn’t required to trend at all. But it’s free to probe the bias-up target at any time, and to test Friday afternoon’s ~2650.00 high. Similarly, oversold RSIs at the morning’s low require a retest. Combined with it being an optimistic low, it’s likely to be retested sooner rather than later.
BONUS: NEW INSTRUCTIONAL VIDEOS
This morning’s action was rich with examples of reaction limit tests (bounce limit, pullback limit). That included a noon hour re-entry setup that I describe whenever it appears. So, I created two instructional videos for them, only several minutes long each (not including Coming Attractions, Turn-off-your-ringer PSA, and credits):