Mid-day Update… Overheated.

Working off an overbought, and more.

Rallying straight down from the open through noon has opened the door to an even deeper pullback. But still only temporary, because of another door opened at the high.

Literally, at the high. Or, highs. Complexity during the 2906.25 overnight high formed a “new Globex trend extreme.” The setup requires intraday retest. And the 2903.00 opening print is above all prior highs, requiring it to be filled from below. Neither retest must fulfilled today.

The door that opened to a deeper pullback is from breaking under the 2900.00 bias-up signal to trigger the morning’s  no-bias signal. An offsetting test of its 2892.25 bias-down signal has become “unfinished business below.”

This afternoon’s bias window is bouncing to attack its 2901.50 bias-up signal. It’s unlikely to be triggered during the no-bias window. The window starts lapsing soon, and the unfinished business can below can be left outstanding by a retest of the highs — with room up to 2909.00. Otherwise, the pullback is free to resume.