Mid-day Update… Last licks.

Another bias-up target met and held.

This morning’s 2822.50 high fulfilled the 2819.50 bias-up target. It eventually corrected down to 2817.25 as the bias environment was lapsing. Already recovering into noon was vulnerable to a series of headlines that began claiming a deal was reached to re-open government. The noon hour surged to 2800.00.

The next reaction down touched 2824.50. Bouncing back to this afternoon’s 2827.25 bias-up target held it instead of renewing the bias-up signal. Will it extend higher like this morning?

Probably not. Probably not, because usually not. Usually, holding a test of the afternoon bias target through the 1:20 bias timing window will define the bias environment’s upper-end. Usually, the bias environment will back-and-fill, sometimes even trending down. Usually, hovering at the target can exit the bias environment in another upleg.

None of which suggests being short into fresh highs during the bias environment. Rather than be premature, new highs could get further squeezed. Having said that, this last upleg does seem to be the product of only the headlines, and its buying pressure is met. Back under 2823.75 would start to signal momentum reversing down.