Mid-day Update… Neither here nor there.

Holding support and recovering resistance are two very different things.

CORRECTION: This morning I inadvertently referred to yesterday afternoon’s bias parameters in the Market Tour and Post-open Review. The cause for that has been corrected. Sorry for the confusion!

The test of 2566.75-2568.50 was aggressive, thorough, and brief. And it was almost rejected. It was also almost not rejected. Still overlapping 2570.00 at both 10:15 and 10:30 neither held it nor rejected it. That’s okay — a higher signal can trigger by proxy.

Extending sharply higher after 10:30 tested 2578.00. Being this morning’s bias-down signal, during a bias-down environment, 2578.00 defined the window’s upper-end. Recovering it into the noon hour would have confirmed by proxy that 2570.00 had held recovered earlier. But 2578.00 was being attacked at noon. That’s okay —  another signal can trigger a recovery.

2578.00 also defined the noon hour’s upper-end. That could have caused the noon hour’s exit to tumble and attack 2570.00. But it was likely a knee-jerk reaction to headlines of a bomb threat in Paris. Anyway, the afternoon’s 2573.25 bias-down signal was tested at 1:20 and 1:30 to trigger noN-bias. That’s okay — but not for long.

Hopefully, the Paris threat will pass without incident. If so, then a recovery would have no excuse to further delay rallying back to yesterday’s 2586.00 high, if not also back to last week’s 2593.50 high and higher. Back above 2576.00 (now being tested) would start to signal a recovery underway. Back under 2572.25 would start to signal a bigger downleg underway. That’s okay — there’s a lot of buyers waiting at 2510.00.