Mid-day Update… Holding up.

Late rally extends through the noon hour.

Potential for a Dry Cleaners morning had been narrowly avoided, but that didn’t require trending at all. Trending also wasn’t required after only attacking the 2674.00 bias-down signal before triggering no-bias. But trending developed anyway, and it extended to the 2699.00 bias-up signal.

Optimism wasn’t restrained, but it was corrected in time to avoid “no-bias trending.” Extending higher through the noon hour up to 2721.25 has triggered this afternoon’s 2715.75 bias-up signal. The afternoon’s 2726.00 bias-up target is in-play — essentially the 2725.25-2727.75 area.

During this weekend’s Saturday Review we discussed this being the target area of a possible corrective bounce. But only a corrective bounce. Closing any higher would suggest something much bigger underway. That’s still unlikely to develop from Friday’s bottom that developed so close and so near to Tue-Thu three consecutive downtrending sessions.

The bias signal has yet to be any more productive after 1:20 than before. So, it can still be invalidated by exiting the bias environment at 2:30 under its 2703.00 bias-down signal. As was the case on Friday, there is no time limit or time restraint to a break lower from probing Friday’s lows.