Mid-day Update… Its best offense was a strong defense.

Bullish WedEX repeats Friday afternoon’s pattern.

Friday afternoon had been entered in a slide from the morning’s recovery. Like its morning’s recovery, Friday retraced the entire slide into the cash session close.

This morning’s opening surge was productive, testing the 2041.50 bias-up signal. But its reaction down slid to 2032.50. Like Friday afternoon’s slide, it was all recovered — at least, to within 1 tick of the morning’s high.

Bullish WedEX doesn’t necessarily produce a rally, not when it’s called on to absorb downdrafts. Having said that, absorbing a downdraft on Friday afternoon usually produces an aggressive rally on Monday morning.

What else about Friday will be duplicated today? Notice that its unremarkable range has only been pierced on either end, by another otherwise unremarkable range. Having failed this morning’s attempts to break the range, the afternoon isn’t required to do anything new. By that same token, trending this afternoon — especially if begun after the bias environment begins lapsing — could extend through the close.