Mid-day Update… More function than form.

Target area now being used as support.

The likely upside objective this morning was to fill the gap back up to Tuesday’s 2841.00 close. The likely resolution was to extend almost relentlessly and probe the 2843.50 upper-end of Tuesday’s late consolidation that contained that gap. Finally, expending so much energy to exceed so much resistance was likely to correct back down.

That initially relentless upside’s objective? 2844.50-2846.00. But testing it as resistance only consolidated, and then surged higher to attack 2852.00. But the pattern’s form was maintained, and the single leg of relentless follow-through did correct — but only down into the 2844.50-2846.00 range.

The follow-through expended excess buying pressure, but its reaction down can still be a temporary correction. It gets more difficult to avoid reversing the trend down if the correction can’t hold a test of 2842.00. And it gets to be bearish under 2835.50.

Meanwhile, already no longer hugging this afternoon’s 2848.00 bias-up signal, exiting the noN-bias environment should start trending toward the next resolution — either back down into yesterday’s range at 2811.00 or 2802.00, or on the way back up to and through last week’s 2863.50 highs.