Mid-day Update… Getting used to it.

Buyers less patient.

Yesterday’s post-open dip was deep and recovered entirely. Almost entirely. And then a deeper dip developed overnight.

Recovering that deeper dip into the open didn’t prevent another post-open dip. But it was much shallower than yesterday. And it was recovered entirely. Quickly. And well beyond its origin.

Also, rather than stop pessimistically short of prior highs like yesterday, today’s recovery has extended several points above yesterday’s highs. It’s still a little too shallow to view from a contrarian perspective. But excessive optimism isn’t the only risk, and RSIs are not getting overbought anymore.

This is a late bias-up environment triggered above 2140.50, and it has already produced fresh highs at 2142.25. Reversing down prematurely wouldn’t be unusual, only unlikely. But there’s room down to 2139.00 before suggesting momentum is reversing down.