Mid-day Update…Hovering.

Morning rally hasn’t extended.

A funny thing happened since this morning’s rally up to 2745.50… Nothing.

That is, no higher highs, not during the noon hour, or thus far into the afternoon bias environment. The latter hasn’t even breached the former. Sorry, the noon hour’s 2743.00 lower high hasn’t been retested.

But that’s just one nothing. The other nothing is no lower lows. The noon hour’s 2735.00 low barely attacked the post-open low.

So, the rally’s sponsorship is expending all of its energy just to avoid reversing. Which isn’t very decisive any other day. But today is Friday, when fresh highs during the afternoon bias environment tend to extend through the close. Not exploiting that opportunity is almost tantamount to being a sell signal.

Much more tantamount to being a sell signal would be exiting the bias environment by breaking under its 2736.75 bias-down signal. It’s being tested now, and its break needs just a little more delay to avoid being no-bias trending.