Mid-day Update… Hovering at the highs.

No higher objectives outstanding.

Holding the test of this morning’s 2807.75 bias-down signal had put into play an offsetting test of 2816.00 bias-up signal. It was met soon after the bias environment began lapsing. Its test was likely also to visit the overnight highs, up to 2818.00. The noon hour’s entry quickly met 2818.00 and price has been drifting back down since then.

The 2816.75 bias-up signal held its test to signal no-bias. The balance of the bias environment has room down to the 2808.25 bias-down signal. Currently, 2814.00 is being attacked, which is either foreshadowing further weakness., or else posturing defensively ahead of the Beige Book release due at 2:00 ET.

Not gapping up from yesterday’s pattern made any probe higher likely to fail. So, resolving down this afternoon remains likely. Entering the final hour above 2816.75 would be likelier to extend higher anyway.