Mid-day Update… Checking out the view.

Hovering just under session highs.

2290.00 was probed this morning by almost 4 points attacking 2294.00. A reaction down attacked 2289.00. Exiting the bias environment above 2290.00 all but ensures that new highs are in-play.

We already knew before yesterday’s close that the ranging was not accumulative, so rallying would require gapping up. Gapping up in reaction to new this morning suggests the rally is sponsored by weak hands. None of which prevents actually probing higher, potentially to 2327.00.

Meanwhile, hovering pessimistically short of the morning’s high is potentially bullish from a contrarian perspective. But fluctuating narrowly around this afternoon’s 2292.25 bias-up signal hasn’t made the rally any likelier to resume, only that at least a probe of new highs develops.