Mid-day Update… Crowding out durability.

Artificial surge steals spotlight from organic recovery.

The open’s potentially bearish setup, which failed its attempt to fully form, didn’t prevent dipping temporarily. The bearish setup would have trended down all morning, but the 2884.50 bias-down signal was able to fulfill its 2879.00 bias-down target (to within 2-3 ticks) and then recover.

In fact, the 2884.50 bias-down signal was recovered as the bias environment was coming within view of lapsing. Actually, 2-3 minutes early, but that’s not a deal killer. Its recovery surged to touch the 2895.25 overnight high.

But the artificial catalyst made the surge likely to be retraced to its origin. Which it was, by noon, back down to 2882.75. Now the afternoon’s 2888.75 bias-up signal has avoided triggering, and also avoided holding. This is a noN-bias environment — the bias-up target is not in-play, and neither bias signal is required to hold if tested.

Back above 2888.00 would start to signal another rally effort underway. In the absence of headlines, the organic effort should produce fresh highs. Meanwhile, back under 2885.00 (being tested now) would start to signal a deeper dip uderway.