Mid-day Update… Held up.

Gap up forms momentum peak.

Last night’s Globex had soon surged to a fresh high at 2829.00. But for Brexit, the balance of the night was tracking a flat-to-lower open. Thanks Brexit, this morning’s open up to 2837.50 inhibited sellers and the balance of the morning was flat-to-lower, albeit aggressively.

But even that hasn’t reversed the trend down. This morning’s bias-up environment fell 14 points from the open’s high, only to attack its 2823.00 bias-up signal. A lot of selling pressure expended without even beginning to try gaining traction.

Bouncing back toward the open had begun ranging narrowly sideways by noon. The afternoon’s no-bias environment is resisted by its 2833.00 bias-up signal. Breaking through it as the bias environment begins lapsing could trend up to fresh highs through the close. Trending down into the weekend would all but require exiting the bias environment under 2827.75 and 2825.25.