Mid-day Update… That might be that.

Post-open dip recovers to launch afternoon rally.

This morning could have staged a tremendous rally. Has it only been delayed to the afternoon?

Recovering the open’s tests of both bias-down parameters would have put into play offsetting tests of both bias-up parameters, essentially 2051.00 and 2056.00. But the open’s surge was retraced back down to the morning’s 2034.75 bias-down target. The bias environment exit had recovered back up to the morning’s 2041.00 bias-down signal as resistance.

The noon hour’s dip to 2037.25 was recovered to test the afternoon’s 2044.25 bias-up signal. It wasn’t triggered, but the afternoon’s 2050.50 bias-up target is being tested, anyway.

I had described during this pre-market Tour one bullish scenario that could avoid thoroughly testing the lower-end of early-April’s consolidation. Closing above 2056.00 or even above 2059.50 is basically the parameter, which is another 4-7 points higher.

The extra post-open dip did help to refuel buyers, and RSIs are overbought at the 2052.25 high, so a reaction down would likely recover — albeit from 2045.00 or 2042.50, and not necessarily today.