Mid-day Update… Easy as 1, 2, 4.

Fresh highs retrace to unchanged, and momentarily lower.

The open touched 2400.00 to probe the highest intraday highs ever — 1 point above Friday’s post-close high, 2 points above Friday’s futures close, and 4 points above Friday’s cash session close. Also, almost 4 points under Sunday night’s high, and 5 points under the minimum objective.

So close. Too close? We already know the next higher objective(s) will be extra vulnerable to completing the rally, and to reversing the trend back down. Attracting new sponsorship to reach fresh highs should be difficult at this stage, and it is. Touching 2400.00 didn’t attract buyers, at least not enough to offset the reaction down into negative territory.

Touching 2392.00 after the afternoon bias environment had begun tried to invalidate not triggering the 2393.75 bias-down signal. I’m not giving that any benefit of the doubt. A fresh low could still test 2391.00 where a recovery would still be likely. But back above 2395.75 would start suggest the pullback was already ending.

There’s still room down to 2390.00 before suggesting something bigger underway, up from 2388.00. Buyers aren’t marginalized for the day, especially so long as dips are relatively shallow, and unable to probe much into negative territory.