Mid-day Update… Getting a little too big for itself.

Looming events may inhibit further trending.

Recovering all of the post-open 22-point plunge was impressive. Especially the segment that exceeded this morning’s 2624.25 bias-down signal during a no-bias environment. The minimum objective for retracing the open was 2634.75, and it was touched.

That also retested the filled gap at yesterday’s close, and neither test was required. But exiting the bias environment above them would have allowed retracing the segment above 2624.25 to come from a position of strength. Perhaps that’s why actually retracing 2624.25 probed it down to 2619.75.

All of which has been recovered. Another fresh post-open high is piercing 2636.00 — the upper-end of the objective for retracing the open. Also like this morning’s test of the objective’s lower-end, it’s being done by “no-bias trending,” above the 2631.75 bias-up signal but too late to trigger.

Retracing this afternoon’s bias-up signal is required. Eventually. Meanwhile, fresh highs might attack 2638.00. Being no-bias trending that requires being retraced is already difficult to extend. There’s also post-close earnings looming from Facebook. The no-bias environment could dip back down to its 2621.75 bias-down signal just as noise.