Mid-day Update… Freeze!

Gap fill holding, and holding, and holding.

Greeting the open at this morning’s 2568.25 bias-up signal’s resistance seemed suspicious. Its quick reaction down fit better, putting into play fresh lows. Only the gap back down to yesterday’s 2563.50 close was tested.

Reacting to a gap is not unusual. But the reaction’s reaction has gone into hibernation. Its return to the 2567.75 opening print didn’t reverse back down, and neither did it accelerate higher. Instead of inflecting there, a 2-point 2-hour range has developed.

Which changes the pattern, a little. Mostly just its behavior. The narrow range’s room for noise is defined by 2566.25-2570.25. Breaking either would still be likely to extend in that direction. But breaking lower would likely find an air pocket down to fresh lows. Breaking higher would at least be vulnerable to accelerating.

Resolving up won’t invalidate the “unfinished business below” now outstanding at 2560.25. But resolving up would enable fulfilling unfinished business above with a new trend high close.