Mid-day Update… Keeping it up.

Late bias-up keeps momentum intact.

Fresh highs up to 2864.50 during the morning’s bias environment had confirmed upside momentum remained intact. The confirmation came a little early, and could have been rejected back under 2859.00 (this morning’s Dry Cleaners signal level). But the pullback limit was only attacked before recovering through the noon hour, reflecting weak-handed sellers.

The noon hour’s exit probed the 2866.00 two-week old high by 2 ticks, fulfilling the likely structural reward for gapping up. The high gap’s 2855.00 retracement, or the 2861.00-2863.00 gaps could have neutralized the attraction. But their reactions down haven’t attracted reinforcements, so upside momentum remains intact.

Now the afternoon’s 2864.00 bias-up has triggered, late. It could have been rejected back under 2863.25. But the reversal signal was only touched, and the signal was recovered in time to trigger. The high’s room for noise up to 2869.00 — which is also this afternoon’s bias-up target — remains in-play.

Having fulfilled the structural reward for gapping up, reversing down would leave no “unfinished business” to help recover. Meanwhile, the recent intraday distributive pattern keeps today’s rally vulnerable. And I’m not at all biased by really wanting to label my next post “April Fool’s”.