Mid-day Update… Path of least resistance (or least support).

MARKET WRAP IS 30 MINUTES EARLY AT 3:03 ET (I’m away from the screens for the last half-hour).

This morning’s reaction down to its 2904.50 target got 3 ticks deeper before bouncing 3 points on oversold RSIs. RSIs diverged positively into a lower low at 2902.50, which also tested the 38.2% retracement between yesterday’s close and today’s gap up.

With the morning’s bias environment ending, the reaction’s sponsorship was likely done. More so, being a Friday, the morning’s bias-up undercurrent was likely to persist through the noon hour. The setup was likely to bounce.

The bounce’s objective at 2910.00-2911.00 held its test. Also being the bias-up signal, this is now a no-bias environment. So, 2911.00 should define the window’s upper-end.

Trending higher into the weekend is possible — again, it’s Friday. No-bias trending during the no-bias environment is possible, too — same reason. Never underestimate Friday afternoon trending when a morning counter-trend attempt has failed. Meanwhile, no further upside is required, and there remains vulnerability to the downside.