Mid-day Update… Holding up.

Resistance holds, but not rejected.

Opening above 2656.00 and extending up to 2666.00 didn’t satisfy buyers. This morning’s rally extended to fill the gap back up to last Friday’s ~2671.00 close. Its reaction down to 2663.00 was recovered to pierce the morning’s high up to 2672.50 during the noon hour.

That was also this afternoon’s bias-up target. And it reacted down through the 2669.75 bias-up signal to attack 2660.00. During the morning bias, this set would have put into play offsetting tests of BOTH bias-down parameters. Not necessarily during the afternoon.

The potential just diminished for simply gravitating higher through the close. That requires exiting the bias environment at fresh session highs, which is difficult during a no-bias environment. That said, greeting the bias environment exit at its 2669.75 bias-up signal and immediately breaking higher would be credible. Otherwise, flat-to-lower through the afternoon is likelier.