Mid-day Update… Locked and reloaded.

Pullback sufficient, so it had better end.

The noon hour’s 2140.50 low tested last week’s “lower prior highs.” That’s a natural reaction following a gap up, regardless of the eventual resolution.

A bearish scenario would extend down, whether soon or after failed bounces had chipped away at support. A bullish scenario’s next leg would rally to fresh highs above the open’s 2149.00 peak. Delaying the bullish scenario’s recovery would not take long, and would not return to the lower prior highs.

A bullish resolution remains likely since the opening action created an anchor to enable recovering from a correction. And the correction’s objective has been tested.

This afternoon’s 2141.25 bias-down signal held its test to avoid triggering. There’s room up to the 2147.50 bias-up signal during the no-bias environment. There’s no limitation when the bias environment begins lapsing, but at least 2150.00 should be tested.

Fresh lows wouldn’t necessarily be bearish. Fresh lows AFTER  a bounce would not be bullish. But digging a little deeper before trying to recover could still be part of the correction.