Mid-day Update… Fashionably late, again.

Morning’s range resolves up into the afternoon.

2574.00 support held a test, a touch and an attack while interim bounces chipped away at 2577.00 resistance this morning. Recovering 2578.00 as the bias environment began lapsing was a likely marker of a valid breakout. Trending up relentlessly into and out of the noon hour is retesting Wednesday’s highs.

Structurally, today’s rally has done the minimum required by retesting Wednesday’s 2581.50 opening print. Calculably, Wednesday’s 2580.00-2585.50 opening range is being retraced by 61.8% up to 2583.75, and any higher would require at least fully retracing the high. As for patterns and timing windows, triggering this afternoon’s 2580.50 bias-up signal has put into play its 2586.00 target.

Fulfilling the 2586.00 target and avoiding a new trend high close on a Friday would not necessarily reverse momentum down, but it would not be bullish. And reversing down remains a risk today, since buyers are once again late to start trending. Regardless, nothing is threatening the 2590.50 higher objective that remains in-play.