Mid-day Update… Dodging rocks and hard places.

Headline politely waits for target to be met.

Not triggering the 2388.00 bias-up signal didn’t prevent testing its 2394.00 bias-up target, piercing it by 3 ticks. Drifting down had barely managed to violate the pullback limit when a headline triggered a slide to 2386.25.

Being a knee-jerk reaction to news, the drop is now being recovered. So far, up to 2392.00, a 61.8% retracement back to the high. And the high does require a retest, having originated from overbought RSIs.

That attraction above is competing with the instability of this morning’s rally. Yesterday’s rally gained no traction and this morning’s open didn’t gap up. So, extending higher anyway tends only to stretch the rubber band for a reversal down.

Back under 2386.00-2387.00 would start to signal that reversal underway. Meanwhile, there remains potential to retest session highs.