Mid-day Update… Catalysts have left the building.

Sitting at highs, lacking reinforcements.

Breaking back above 2666.00 this morning would all but marginalize sellers, dismiss the attempt to break under 2663.25 and probe overnight highs. Recovering 2666.00 did probe overnight highs, and higher. Despite not triggering bias-up, the 2673.00 bias-up target was eventually touched.

That was the noon hour high. It was never put into play, but its attraction is neutralized. And there is no higher attraction in-play.

Attractions below, we have a couple.

The bias environment ended in a surge that was triggered by a favorable tax reform headline. Its 2667.50 origin is likely to be retraced. The morning’s rally above its 2667.25 bias-up signal originated during a no-bias environment, which is required to be retraced. No-bias just triggered after only touching the bias-up signal.

Meanwhile, election results from Alabama and a policy statement from the FOMC are right around the corner. Beyond the prevailing momentum, the rally doesn’t have any catalysts to attract reinforcements. Momentum is most of the battle, but back under 2669.50 would start to reverse it down.