Mid-day Update… Getting interesting.

Recovery from significant support is almost fully rejected.

The post-open collapse down to 2777.00 held a retest down to 2775.00 while 1-minute RSI diverged positively. Their 2782.00 interim high was recovered as price action grinded back up to 2790.75 during the noon hour. Surging out of the noon hour reached 2795.00.

But this afternoon’s 2792.75 bias-up signal was being overlapped at both 1:20 and 1:30 to avoid triggering. This is a noN-bias environment. Not bias-up with a target in-play, and not no-bias resisted by its bias-up signal. There is no restriction against extending higher, and sellers are all but marginalized.

Another downleg could get underway, but it would be difficult. It can’t be overstated how meaningful it is to isolate the open’s test of significant support. And overbought RSIs at the 2795.00 high would inhibit reversing down.

Still, a recovery can’t be signaled until the close, and even another fresh session high would remain vulnerable to being rejected. But maintaining another fresh high through the bias environment lapsing would become extra-vulnerable to a bullish short-squeeze through the close.