Mid-day Update… Competing forces.

Fresh highs on a Friday, but only intraday.

Ahh, the memories. The probe above Tuesday’s 2874.00 prior high by 3 points has created potential for actually closing above prior highs. On a Friday. It has been quite a while since this was even possible. But it would essentially entrench the uptrend, and require at least another eventual higher close.

That’s a Friday Factor, and it’s otherwise irrelevant until the close. Even then, it could be followed Monday by a break lower — which we’d be confident would recover, because another higher close was outstanding.

Meanwhile, another Friday Factor has inadvertently hurt the chances for holding up above prior highs through the close. Friday morning bias signals tend to persist through the noon hour. That helped this morning’s rally extend to 2877.25, and now its sponsorship may be fulfilled. A reaction down to 2870.50.

And that jeopardizes the potential for closing higher, because of another Friday Factor. A trending day on Friday that exits the bias window above all prior intraday timing window highs become vulnerable to extending higher through the close. This dip currently underway makes that more difficult.