Mid-day Update… Not exactly “easy come.”

Bullish WedEX lapses in a big way.

The overnight rally to 1964.25 was substantial, but nothing pre-open could be attributed to the potential bullish WedEX signal. Post-open action did probe the overnight high, and Friday morning’s high, eventually trending steeply to 1969.00. That fulfilled the bullish WedEX.

WedEX applies only to Friday afternoon and Monday morning — nothing before, and nothing after. The latter part was made obvious by a plunge at 11:30 that probed fresh post-open lows. In fact, natural support at Friday’s 1946.00 cash session close is being filled now (down to 1944.25).

What caused the about-face — Russia just announcing an unexploded shell landed in its Damascus embassy Sunday, or simply Europe’s closing and the USD dipping? Whatever, it’s too late for rejecting it through the noon hour’s exit, so a bottoming effort is needed before a buy signal can be identified.