Mid-day Update… BIAS-UP, again.

The last one was quickly invalidated.

This morning’s 2929.75 bias-up signal was recovered through 10:15 to trigger bias-up. It had not extended higher before dipping to 2928.00 at 10:30. The bars surrounding 10:30 were overlapping 2929.75, so we at least left the door open to resuming the rally. But its 2931.50 signal was only touched and not triggered.

A reversal’s 2928.25 signal did trigger, and it was very productive. Apparently reacting to word spreading that io another break in China trade talks, sharply lower lows at 2901.00 was tested while the bias environment lapsed.

Even if the morning’s bias-up were not invalidated at 10:30, it was invalidated by exiting the bias environment under its 2918.50 and 2911.25 bias-down parameters. So, its 2936.50 bias-up target is not “unfinished business.”

Meanwhile, rallying through the noon hour has now triggered bias-up again, back above 2912.00. The 2919.50 bias-up target is in-play. Already 2918.25 has been touched. Which is no assurance of extending any higher, and might instead risk having expressed too much optimism ahead of tomorrow morning’s Employment Situation report.

The only “unfinished business” above is Tuesday night’s “new Globex trend extreme” high, which is the least attractive hierarchically. Not recovering 2930.00-2934.00, and preferably 2935.00-2936.00, could be very vulnerable to a negative reaction.