Mid-day Update… Best efforts.

Has the third consecutive morning surge rolled over, too?.

Tuesday’s gap down immediately launched a rally back above Monday’s highs, and still closed under the morning’s low. Wednesday’s flat open also immediately rallied, but ended the morning under the morning’s lows (and ended the session even lower).

Now comes this morning’s gap up. Extending higher post-open was not immediate, as much time was spent ranging around the 1993.50 bias-up signal. Finally extending higher did quickly fulfill its 1999.50 bias-up target. But almost as quickly price has returned to the open’s 1991.25 lows. And lower to 1989.50.

All of which is still in positive territory. Well into positive territory.

However, the bias environment was exited back under its fulfilled bias-up signal. That’s not in itself a signal, but it does suggest that another rally leg will require forming another pattern and triggering it.

Otherwise, probing under yesterday’s lows down to 1979.00-1980.00 remains possible. Recovering 1993.50 and triggering the 1995.50 bias-up could leave behind fresh lows until Friday afternoon.