Mid-day Update… No bias > Late bias.

Neither bias signal touched, so beware delayed efforts.

This morning’s opening touch of its 2872.25 bias-up signal never recovered, putting into play an offsetting test of its 2863.75 bias-down signal. Probing it down to 2862.25 reversed back up to natural resistance at 2871.00, “unchanged” from yesterday’s close.

Extending higher would have suggested this morning’s dip was only “backing-and-filling” which I had described this morning. Its reward would at least fresh highs around 2875.50, if not also launching a new upleg. But 2871.00 held its test and retest entering and exiting the noon hour.

Bias-up 1 tick higher wasn’t even touched. This is a no-bias environment. And there really is no bias, as today’s range continues narrowing. Although 2871.00 is being tested again, and its break would likely target 2875.50.

So, if this morning’s dip wasn’t “backing-and-filling” then was it a warning shot across the rally’s bow? Another downleg would likely be much steeper and deeper. And the 2862.25 low’s retest is already required for its RSIs having been simultaneously oversold there.