Mid-day Update… Getting our fill of backing-and-filling.

Trying again to recover from under Friday’s highs.

This morning’s late no-bias had put into play an offsetting test of the 2153.50 bias-down signal. It was attacked to within 3 ticks during the bias environment. That didn’t neutralize its attraction, but it was enough to prevent becoming “unfinished business below.”

Its business was finished, anyway. Bouncing to 2161.00 ran into the resistance of Friday’s high. Reacting down during the noon hour touched 2152.25. Ultimately, 2153.50 held as support.

2153.50 is also this afternoon’s bias-down signal. It held its test to trigger no-bias. An offsetting test of the 2164.75 bias-up signal isn’t required. It was attacked to within almost 2 points, but Friday’s 2161.00-2162.00 highs once again resisted the recovery attempt.

Backing-and-filling this morning was possible, and could have recovered to and through the overnight high. This afternoon is still backing-and-filling, and could still launch a recovery. The alternative isn’t necessarily a downleg, but higher would be  safer.