Mid-day Update… Narrow minding.

No trending today, as the market tends to a narrow range.

Holding a test of the morning’s 2350.00 bias-down signal had put into play an offsetting test of its 2358.00 bias-up signal. It was probed by 3 ticks. Reacting down 6 points was consolidated through the noon hour, resisted by yesterday afternoon’s 2357.00 bias-up target.

Two representations of buying pressure fulfilled during the last two major timing windows. And still no further rally. Is the rally pausing, or stuck?

There’s also still no significant reversal down. And this afternoon’s bias-up did signal — late, but it is already producing a fresh high for confirmation.

Exiting this afternoon’s bias environment without yet breaking above yesterday’s highs would further suggest the rally’s sponsorship needs refueling. A lot of buying pressure would have been fulfilled at that point, so a shallow reaction down wouldn’t be relevant.

By the same token, exiting the bias environment probing above yesterday’s highs would suggest new sponsorship has arrived. And the flip-side of that token would expect any credible rally to be steep.