Mid-day Update… Done with down?

Post-open collapse holds support.

The minimum likelihood for a session-long rally was fulfilled by at least probing a fresh high the following morning. Vulnerability to collapsing is usually delayed until that afternoon, but this morning couldn’t be bothered to wait. And, why not. Yesterday’s action barely qualified as a rally, overnight action initially dipped, and Friday Factors can exercise unusual influence.

Also, the fresh high touched the 2680.75 bias-up target to within 1 tick. Actually touching it was necessary to actually reject it. So, having failed to trigger its 2672.00 bias-up signal, an offsetting test of its 2648.25 bias-down target isn’t actually required. But it’s likely if the 2654.00 bias-down signal fails to hold.

About that. This morning’s 2654.00 bias-down signal held. it was probed down to 2651.00 after triggering no-bias, and it was recovered before the bias environment began lapsing. Breaking it is now difficult. That doesn’t necessarily default to a rally, although that’s now easier.

About that. This afternoon’s 2667.25 bias-up signal held. It wasn’t touched in time to trigger, not until 1:30 when it could still be recovered to invalidate this afternoon’s no-bias environment. It didn’t. It should define the window’s upper-end.

Back under 2662.50 would start to signal another test of 2654.00 likely. Otherwise, exiting the bias environment at or near 2667.25 would be more vulnerable to drifting higher into the close.