Mid-day Update… Backed-and-filled.

The morning’s drop is being retraced.

The open fulfilled an Isolation setup that isolated the overnight probe under yesterday’s lows. The setup’s reward is to retrace back to yesterday’s highs, i.e. the origin of the leg containing the isolated probe. That’s the likely minimum upside objective. Meanwhile, it’s also likely that the morning be spent backing-and-filling.

Which it was.

Surging to fulfill this morning’s 2793.00 bias-up target held, and reversed down to the 2786.00 bias-up signal. Then lower, to 2781.00. That extra 5 points is similar to no-bias trending, and required being retraced up to 2786.00.

Which it was.

In fact, noon was testing 2788.75 by 1 point. The noon hour’s dip to 2784.50 was recovered back above 2787.00 to signal the rally has resumed. This afternoon’s 2791.50 bias-up signal is now being tested to within 2 ticks.

Being a no-bias environment, the bias-up signal should define the window’s upper-end if tested. The same rule applied this morning, but didn’t prevent a temporary probe. A temporary probe this afternoon is possible, too. And there’s still unfinished above at 2798.00, which is likely to be tested today or tomorrow morning so long as no sell signal gains traction.