Mid-day Update… Holding up, and holding out.

Still hovering around yesterday afternoon’s highs.

Skepticism about this morning’s downside was proved out by the complete retracement from 2716.25 back up to within 1 tick of the open’s 2727.75 high. But that happened too late to affect the bias signal, and didn’t change that an offsetting test of its 2710.25 bias-down signal had been put into play.

The balance of the morning reacted down to fresh lows before bouncing 10 points into the noon hour. Now that has been retraced entirely to within 1 tick of this morning’s 2713.50 low.

This is a no-bias environment, so fresh lows would be inhibited from getting very far for another half-hour. A deeper drop that waits until then, or that bounces back to the bias signal, would be more reliable for extending. Recovering 2720.00 would start to signal more upside, regardless of whether the downside attraction had been fulfilled.