Mid-day Update… Higher highs held back, pushed down.

Backing-and-filling, again.

This morning’s recovery was contained to its bias environment. The post-open backing-and-filling that held the 2875.50 bias-up signal as support to trigger bias-up. Its 2882.25 bias-up target was met, too late to renew the bias-up signal. But it was still a bias-up environment, likely also to visit the 2886.25 overnight high’s “new Globex trend extreme.”

Probing the overnight high by 3 points to 2889.25 also exited the bias environment above 2885.00. This did what renewing this morning’s bias-up would have done, putting into play 2902.00. Which would be confirmed by closing above 2885.00.

Meanwhile, the rally has not extended. The afternoon triggered no-bias, and the market is backing-and-filling. Again. Being a no-bias environment, its 2881.00 bias-down signal should define the window’s lower-end if tested. But its test is probing 5 points under it, “no-bias trending” that will require retracing 2881.00.

Is 2902.00 entrenched, for having exited the bias environment above 2885.00? That’s the assumption, until disproved — by closing back under 2885.00. Meanwhile, RSIs have become simultaneously oversold on this pullback, and the nearest buy signal is back above 2883.00.