Mid-day Update… Collectively reaching for towels.

Disaster seemingly averted. But, what happens without a reward?

Congratulations are in order for absorbing an ugly open that could have led to an uglier morning and the ugliest of days. Expending so much selling pressure so early helped the 2652.00 bias-down target hold against the remaining sellers. That wasn’t pretty, either, but eventually the alternative to extending down was to retrace up. The bias environment peaked upon filling the gap back up to yesterday’s ~2677.00 close.

Its reaction down only attacked the 2652.00 bias-down signal. Another bounce up to the 2677.00 gaps eventually trended up into and through the noon hour to 2685.00. But no later and no higher. Reversing down under the afternoon’s 2680.25 bias-up signal avoided triggering it. Extending lower held a test of the 2666.00 bias-down signal down, required to hold during a no-bias environment.

So, is that it? Is the only reward for having absorbed the ugly open just a return to unchanged? Don’t get me wrong — we should all be thankful every day not to be thrown into the fiery pits. But being dangled just above them seems closer to punishment than salvation. Especially into the weekend, when the market collectively begins realizing that to stand still is to fall behind.

The no-bias environment is now within view of lapsing at 2:30. It won’t be too early to break back under 2666.00 and lower into the close. Neither is it too early to break back above this afternoon’s 2680.25 bias-up signal, which is being tested now. And not extending higher is to fall. (Apologies to Bucky Fuller.)