Mid-day Update… Holding pattern.

Not rallying, but not reversing down.

This morning’s reaction down from testing its 2633.50 bias-up target was probing under yesterday’s 2627.00 highs as the bias environment began. Chipping away at it extended lower to test 2620.00 as the noon hour began. Its reaction held the afternoon’s 2625.50 bias-up signal as resistance.

So, bias-up did not trigger. Neither did no-bias, since the bias signal was still being tested at both 1:20 and 1:30. This is a noN-bias environment. It often behaves like a no-bias, holding the bias signal that didn’t trigger. But that’s not required.

Meanwhile, this morning’s 2617.50 bias-down signal remains in-play. Its attraction could cause another probe under yesterday afternoon’s 2623.00 pullback low. So far, backing-and-filling under 2623.00 has been contained to one instance, leaving the morning’s bias environment and entering the noon hour. Testing 2617.50 would suggest the rally above 2623.00 is done.

Back above 2626.75 would start to signal the backing-and-filling threat under 2623.00 had been absorbed. The minimum reward would be to retest this morning’s high, probably today. The potential reward would be to extend above 2657.00.