Mid-day Update… Decision point.

Next higher objective met.

Consolidating around this morning’s 2695.00 bias-up target tried reversing down, after a violated pullback limit tried resolving up too quickly. Both attempts failed. The rally resumed finally at the bias environment exit.

The next leg extended to 2708.00, slicing through the rally’s 2701.00 next higher target at noon. Price action since then has fallen back down to attack 2695.00.

Today’s upside momentum may have lapsed. Downside momentum hasn’t necessarily taken its place. Which might seem an odd conclusion, since this afternoon’s 2699.25 bias-down just triggered — albeit late. Sellers still get a benefit of the doubt, especially if the bias environment lapses under its 2699.25 bias-down signal or 2691.25 bias-down target.

Regardless, closing above 2701.00 would put into play the rally’s next objective at 2756.00. Only closing back under yesterday’s 2690.00 high would start to signal momentum reversing down more substantially.