Mid-day Update… More, or less?

Upside influences lapsing.

This afternoon’s 2735.00 bias-up signal just triggered, late with the grace period’s assistance. That was by a narrow margin of 2 ticks, despite having been to 2737.00 just minutes earlier. And 2735.00 was touched only a couple of minutes later, which would have triggered noN-bias.

So, take this afternoon’s bias-up signal with a grain of salt, or trade it carefully.

Today’s rally was relying on an afternoon bias-up to help it extend higher. Friday morning’s bias tends to persist through the noon hour, but that window has lapsed. Also, Fridays rarely trend throughout, so even the gap-and-run setup’s influence has lapsed.

And now 2735.00 is being probed as support. It’s also the rally’s current pullback limit, so it’s on the verge of being violated. The sell signal currently at 2731.75 can be threatened under 2733.00. But there’s no requirement otherwise to trend in either direction, as Friday afternoons are difficult to attract sponsorship or reinforcements.