Mid-day Update… New highs! Fireworks! Wait…

Opening rally extends into missile launch… and through it?

The open’s 2606.50 buy signal ultimately extended higher through the morning’s bias environment exit, which touched the 2610.00 bias-up target. Then the rally accelerated. Surging 4 points into the noon hour, and adding another 6 points through its exit.

This afternoon’s 2615.00 bias-up signal easily triggered. Its 2622.00 bias-up target has been attacked to within 6 ticks. All on the same leg that had been triggered above 2606.50. What could go wrong.

Well, already slipping 2 points to 2618.50, the latest N. Korea Missile launch triggered a drop to within 1 tick of 2615.00. A 3-point bounce has reacted down 7 points to 2611.00.

Being a knee-jerk reaction to a news headline, the drop’s sponsorship is weak-handed. The pullback should be only temporary. But retesting the high and fulfilling the bias-up target need to recover 2616.00 before extending under 2611.00