Mid-day Update… If not for the timing.

Fresh post-open highs are suspicious.

It would seem to be 100% in-line with pre-open expectations. Gapping down through the 1998.50 bias-down target was half the battle. Extending through it or reacting up from it was the other half. And without extending through it, trapped shorts would be squeezed to fuel a recovery.

Bias-down was recovered in time to avoid renewing bias-down. But it was not recovered enough to reverse momentum up. Although sellers aren’t in control, a fresh low at 1993.50 became likely so that its recovery could fuel the recovery.

But no fresh low came before bouncing, first to 2002.75 and then to this morning’s 2004.00 bias-down signal. Now it’s also this afternoon’s bias-up signal.

The bouncing is premature. It’s sponsored by weak hands. It leaves the door open to fresh session lows. Probing above 2004.00 at the bias environment exit could extend anyway.