Mid-day Update… Backing-and-filling.

Opening surge being retraced.

This morning’s surge from its 2089.00 open to attack 2100.00 has retraced steadily into the noon hour’s exit at 2092.00. This action helps to confirm that the opening strength was fueled by weaker handed buyers fearing another runaway session.

Dipping through the noon hour need not recover, let alone resume the rally. Not today. Which leaves potential for a late-afternoon slide. Exiting the bias environment at 2:30 still in positive territory could at least undermine fresh lows, but not necessarily inspire a rally.

Nothing about this morning’s rally makes an afternoon slide any less likely. It was never the likeliest scenario. Nevertheless, still not extending higher by 2:30 would be vulnerable.