Mid-day Update… Neither here nor there.

Session’s higher highs fill Monday’s gap.

“Nobody eats at that restaurant anymore, it takes too long to get it.” – Yogi Berra

2704.00 was attacked just a half-hour before the open. The noon hour’s high just tested 2727.25. That’s not necessarily strong-handed sponsorship. And if it’s weak-handed, then a reversal back to yesterday’s ~2701.00 lows is likely.

Why is today’s rally not necessarily strong-handed? Earlier, I noted the pre-open defensive posturing. Now the afternoon’s bias-up target has been met during the noon hour, before even being put into play at 1:20. Moves contained to the noon hour can still gain traction by recovering a relevant level, but less so by holding a relevant level’s test. So, the trending probably was sponsored by weak hands.

It’s still a bias-up environment. Exiting it above the bias-up target would suggest that strong-handed buyers have been attracted as reinforcements, anyway. Backing-and-filling during this bias-up environment isn’t very appropriate, and dipping too deeply could trend down through the close.