Mid-day Update… Hang in there, baby.

Failed pre-open dip not reversing.

The late overnight dip was at least likely to retest the overnight range before being able to extend down, if it even extended down. The overnight range has been retested, and the break has not extended down. In fact, the overnight range’s retest up to 2714.00 is being attacked now up to 2713.25. And there’s room up to 2715.00 during this no-bias environment.

Back under 2707.00 would start to signal another break lower trying to form. That signal would be triggered under 2711.00 if 2715.00 were tested first. Regardless, the no-bias environment’s lower-end should be defined by its 2704.25 bias-down signal if tested prematurely.

I think the market wants a fresh high up to 2715.00 before reversing down. Regardless, still not actually rallying — not yet exploiting the pre-open false break — is similar to last night’s narrow ranging in positive territory. It’s just more “ineffectual optimism” that refuels sellers, and not accumulation. Only recovering 2715.00-2718.00 would start to suggest otherwise.