Mid-day Update… Better spirits.

Does this morning’s rally reflect a new sentiment?

Monday and Tuesday morning each trended down. Yesterday morning’s decline was despite having rallied overnight. This morning rallied, despite having remained under pressure overnight, and greeting the open in negative territory.

This afternoon’s 2398.00 bias-up signal wasn’t even attacked, but its nearby. Consolidating flat-to-higher for the next hour might convince market participants that these new highs aren’t being rejected. Exiting the bias environment probing fresh session highs would be credible for extending to new highs through the close.

Otherwise, a pullback has room down to this morning’s “lower prior highs” around 2392.50. Even this afternoon’s 2391.25 bias-down signal could be tested without reversing momentum down. But breaking under 2391.00 when the bias environment starts lapsing could trend down into the close.