Mid-day Update… Not exactly a correction.

Rallying back into new highs.

Not recovering 2742.50 had all but marginalized buyers for the morning. Not maintaining a break under 2739.00 had avoided sellers gaining traction. Trending down or probing lower was possible, but not required. And now the morning bias environment has lapsed.

When moment the morning bias environment began lapsing, the upside limitation began failing. Probing above 2742.50 has extended nearly 5 points to attack overnight highs within 2 ticks.

The overnight high isn’t a new Globex trend extreme that would require intraday retest. But being so close, it’s retest is likely. And it’s retest is preferable before assuming any dip is extending down. Meanwhile, overbought 1-minute and 3-minute RSIs also make any premature dip likely to recover for at least a retest of the high.