Mid-day Update… Backing-and-filling not necessarily done.

Sitting at session highs. Still.

The post-open bounce got to only 2445.00 as duplicating yesterday’s reaction to Yellen’s testimony. Overnight action had peaked 6 ticks higher at 2446.50. But without gapping up, morning strength would be vulnerable to retracement.

And it was retraced, even reversed momentarily. The 2442.00 bias-up signal had triggered, but then it was invalidated down to 2439.00 through 10:30.

The reversal didn’t extend down, and lasted only long enough to form a Symmetrical Triangle. Its break higher peaked at 2445.00 — only as productive as the open. Fresh highs during the noon hour touched 2446.50 — only as productive as the overnight rally. And within 3 ticks of this morning’s bias-up target, anyway.

Buyers have accomplished nothing, as dictated by the template of not gapping up from yesterday’s pattern. The rally could resume after the bias environment lapses. Meanwhile, a dip is testing 2443.50, where a valid break would renew potential down to 2437.50 and lower.