Mid-day Update… The longest yard.

Stopping short of the bias-up target.

The first half-hour recovered from attacking 2317.00 support to testing 2327.00 resistance. It slowed from there. Not for a very long time, but at a time nonetheless that defined the difference between strong hands and weak. Waiting to probe higher until after the first hour identified the probe’s sponsorship as weak-handed.

Weak-handed, or not, the probe has extended both substantially and relentlessly. But not surprisingly. Its objectives extended from 2331.00-2335.50, all tested before noon.

Reacting down didn’t prevent higher highs, but they were delayed until the noon hour. Which also reflected weak-handed sponsorship. And which also did not prevent extending higher again.

Now this afternoon’s 2335.50 bias-up signal has triggered. And it’s being tested as support, after an interim bounce stopped more than 1 point short of its 2341.50 bias-up target. Overbought RSIs at the high require its retest.

Otherwise, back under 2332.75 would start to signal that overbought RSIs will be left outstanding. Resuming the decline today would target fresh lows, and potentially also 2311.00. Even while closing today above 2331.00 would marginalize sellers, it wouldn’t prevent a shallower dip tomorrow before recovering.