Mid-day Update… Bouncing back into almost positive territory.

Big rally off of morning lows is still negative.

Resuming the pullback to probe under Wednesday morning’s lows meant the next likely opportunity for a low would be Thursday afternoon. It’s now Thursday afternoon, and the afternoon bias environment is now lapsing.

The noon hour was already greeted rallying off of the morning’s 2248.50 low. Extending higher through the noon hour triggered bias-up, and its 2263.50 bias-up target is now being tested.

That’s 17 points of buying pressure, and its rally is only probing above the 2264.50 open. Which was itself a 6-point gap down. And while the rally is back above yesterday morning’s 2255.00-2257.00 prior lows, no prior high has yet been recovered. A lot of buying pressure to expend, only to still be in negative territory, fulfilling a target. Did I mention RSIs are deteriorating? No? RSIs are deteriorating.

Extending higher from here essentially requires immediately exploiting a few favorable factors. The recovery is an uptrend of higher highs and higher lows, which doesn’t reverse down on a tick. And, potentially, entering the final hour above the bias environment’s 2264.00 high would gain traction, and make reversing down today more difficult.

Above 2266.00 (being attacked now) could almost literally explode higher. Back under 2261.25 would start to suggest momentum is reversing back down.