Mid-day Update… Closing in.

Nearing the next higher target.

This morning yet again dipped aggressively. And yet again, the dip was retraced entirely back up to a new relative high.

The first half-hour’s test of 2590.00 was retraced just in enough and just in time to avoid renewing bias-up by exceeding the 2586.50 bias-up target. Its eventual collapse tested this morning’s 2569.25 bias-down signal. Support there rejected the dip, which was retraced entirely to fresh highs at 2595.50.

This afternoon’s 2592.25 bias-up signal was still being overlapped at 1:20 and 1:30 to trigger noN-bias. The bias signal need not hold, and its target isn’t necessarily in-play. But the upside has slowed ahead of this afternoon’s FOMC Minutes.

Meanwhile, after several intraday dips and their recoveries during the past several sessions,
each resolving in higher highs, the market seems to be accepting that the near-term trend remains up. Pullbacks are getting shallower and their retracements are coming earlier.

Buyers no longer wait to get long for the next higher high. Not that another dip can’t develop, but its likelihood gets exponentially less with each dip’s recovery to a fresh high. None of which prevents a negative knee-jerk reaction down on FOMC Minutes due shortly.