Mid-day Update… Half-hearted.

Gap up holding, not extending.

The open’s gap up to 2742.00 had extended quickly to 2749.25. Then it was retraced entirely through the first hour, more so down to 2740.50. Dipping into the bias environment exit held a retest of 2740.50.

Bouncing through the noon hour held this afternoon’s 2747.00 bias-up signal. A blip-up pierced it, but it was almost still being tested at the bottom of the hour. This is a no-bias environment.

Without resuming the open’s run, the gap-and-run is just a gap. Gapping is neither bullish nor bearish — that’s the resolution’s job to define. Gapping up and not running isn’t bearish. Gapping up and running and retracing can be bearish, but can still be recovered.

That’s where the market is now — gapped and ran, then retraced back down to the gap. Resuming the rally would be bullish. Extending down any deeper would be bearish.