Mid-day Update… Looking for sponsorship.

WedEX is done, no matter how aggressive its product.

The bullish WedEX’s influence on this morning is obvious. Recovering from a deep gap down is irrelevant. But rallying 18 points from 2066.00-2084.00 still doesn’t reflect the rally’s strength. Its buy signal at 2068.25 didn’t violate a pullback limit before touching 2087.00 during the noon hour.

Pullback limits were tested, but never probed deeper than their first 3 minutes. Even the mid-morning Symmetrical Triangle that broke falsely down was still so shallow that its pullback limit held before reversing back up more substantially.

The bullish WedEX’s influence is done. It would have no predictive value by having been any more or less aggressive and productive. But the morning’s singular sponsorship is very revealing. It suggests that reacting down would be only temporary, and recovered by a new upleg with greater measurements than this morning’s upleg.

One caveat is that this morning’s rally must not be rejected by the close. Probing above Thursday’s 2079.75-2081.75 highs must hold as support. Closing in negative territory back under 2073.50-2074.75 would reverse momentum down. Overbought RSIs at the noon hour’s high don’t require a retest, but that does make reversing down more difficult.