Mid-day Update… Definitely not down, or out.

Morning rally fulfills its objective. Noon hour probing higher.

This morning’s 2263.00 bias-down signal did not trigger. Its grace period triggered late no-bias. It was by only a 2-tick margin, and not a new post-open high. So, it wasn’t optimal, but it was no-bias, and it put into play an offsetting test of the 2271.50 bias-up signal. It was met before noon.

So, what about the bearish open? Despite being productive, dropping 5 points to touch the overnight low, it didn’t extend down, and didn’t prevent rallying. It also didn’t leave unfinished business below. But it wasn’t rejected. We’ll come back to that.

2271.50 was still being tested at noon. So was the peak of yesterday morning’s bounce. And the gap back up to Friday’s close was filled, also holding at noon. Entering the noon hour any higher would have been bullish. An attraction above at 2275.50 is helping to attract price higher — it’s not in-play, but it’s the next higher objective if the noon hour isn’t exited back under the last relative low.

The last relative low is 2269.50, and its break would start to signal a reversal down. Its objective would be to retest this morning’s low. Its structural weakness already suggests the rally from it won’t last. New highs won’t negate the structural weakness.