Mid-day Update… Inside Day-ing.

Trending up within yesterday’s range.

Overnight action was contained within yesterday’s late-afternoon bounce. Yesterday’s late-afternoon 2822.00 high was attacked during that window, but the window held — sort of like an “inside day.”

Rallying out of this morning’s 2818.50 open has extended through the noon hour to attack yesterday’s 2831.25 high (finally piercing it now). That’s no small feat, but it’s still contained entirely within yesterday’s range, so today is so far an inside day.

The significance of these characteristics to my templates is that rally’s sponsorship isn’t gaining traction. There are no reliable lasting effects, which would help to ensure extending higher. Which is in-line with today’s upleg being doomed to failure, having rallied from a gap down under yesterday afternoon’s highs.

Probing fresh highs during this afternoon’s bias environment has room up to 2836.00. No longer an inside day, but bearish if the bias environment were exited back under 2829.50-2831.25.

This morning’s 2813.75 bias objective has become “unfinished business below,” which requires being tested eventually. It would be the likely objective of any topping action today, especially if closing under 2818.50.