Mid-day Update… Holding up.

Noon hour hovers at the highs.

Treating this morning’s invalidated no-bias as a late bias-up paid off. Its 2435.75 bias-up target was met. Also, last night’s “new Globex trend extreme” has been attacked to within 1 tick. Stopping pessimistically short has helped to avoid reacting down. The noon hour has instead hovered narrowly at the highs.

Back under 2433.25 would still be credible for reversing the trend down (or at least for trying). Regardless, trending down into the weekend should have been obvious going into the afternoon bias environment, which it was not. Already deteriorating into the bias environment exit would get a benefit of the doubt.

Meanwhile, don’t forget about the Friday Factors. Exiting the afternoon bias environment at session highs can indicate that sellers are marginalized for the day. Shorting fresh afternoon highs at that point can prove very costly.