Mid-day Update… NO-BIAS.

Consolidating the morning’s recovery attempt.

The open’s blip-down to 2894.00 had reacted up sharply to test 2911.00. Forming a Rising Wedge from there greeted the bias environment at 2917.50. The window began lapsing at its 2924.50 high. Flat-to-lower ranging since then has held 2915.00 as support.

The market is still deep into negative territory from Friday’s close. It’s still at or above Thursday afternoon’s 2920.00 high. Its recovery would suggest that strong-handed buyers are targeting a retest of last week’s highs.

So, wasn’t 2920.00 recovered through a relevant timing window? This morning’s bias environment did start and finish lapsing above 2920.00 between 11:30-noon. But an interim dip down to 2917.50 still overlapped 2920.00, so its recovery is not complete.

Exiting this afternoon’s bias environment above 2920.00 or closing above it would still be credible. Until then, the recovery attempt is vulnerable to being reversed.