Mid-day Update… Ballast overboard.

Morning’s drop fulfills selling pressure.

Maintaining the open’s gap up through the open has created an anchor. That anchor can come in handy when price doesn’t simply extend the gap.

Price did not extend higher this morning. That was a problem for the recovery, since the open also held a test of its 2155.00 bias-up signal. Triggering no-bias then put into play an offsetting test of the 2145.00 bias-down signal.

2145.00 was tested by this morning’s lows. Every bar probing under it was also overlapping it. Holding meant that all selling pressure was expended without gaining new traction for the effort.

Reacting up into the noon hour has only ranged sideways. Fresh highs being probed now are coming too late to trigger the afternoon’s 2152.00 bias-up signal. Its test was likely, and is being fulfilled, but still needs to define the bias environment’s upper-end.

When the no-bias environment is at least within view of lapsing, then trending higher would be more reliable. The alternative is not necessarily to resume this morning’s decline. But back under 2148.25 again would be suspicious.