Mid-day Update… Not so fast.

Fresh highs retesting the rally’s target.

The open’s surge to 2606.00 had reacted down to test 2593.00. That reaction down overlapped the morning’s 2595.75 bias-up target at 10:15 to avoid renewing the bias-up signal. It was still a bias-up environment, but that was also a pretty significant reversal. Reinforcements were inhibited, and the balance of the morning ranged sideways.

Extending higher into the noon hour probed fresh highs attacking 1614.00. Its reaction down to 2605.00 was still overlapping this afternoon’s 2608.50 bias-up signal at 1:20. And it was still being overlapped at 1:30. This is a noN-bias environment — no requirement for the bias-up signal to hold its test, and no requirement for its 2615.50 bias-up target to be met.

Back above 2611.50 would signal that upside momentum had resumed, presumably to test the 2615.50 bias-up target anyway. Potentially, there is also room for noise above 2606.00 up to 2626.00 before beginning to suggest that 2656.00 may come into play. Back under 2601.50 would signal another attempt to reject today’s test of 2606.00.