Mid-day Update… Holding up, and out.

Is slow drift delaying the rally?

This morning’s 2207.75 renewed bias-up target held its test and retest, reacting down through the noon hour to 2201.50. Now a no-bias environment is fluctuating narrowly at the pullback’s lows.

Exiting the bias environment without already trending would be equally capable of resuming the rally, and of extending the pullback back into Friday’s range.

The latter would likely be only that, a pullback, since price action off this morning’s high has not been distributive. As for the former, probing above 2205.00-2206.50 would be likely to resume the rally, targeting a probe above last week’s highs.

Despite today’s (overnight) surge, no pullback is yet likely to reverse the trend down. Whether today or tomorrow, the rally is likely to resume. Only closing under 2187.50 would start to suggest differently.