Mid-day Update… Patience, or anxiousness?

Trending attempts scurry back to unchanged.

The open’s surge above overnight highs came too late to be credible. It quickly peaked at 2820.25 and reversed down sharply 5 points where natural support at unchanged held. More weak-handed buying probed higher to 2824.25, fulfilling this morning’s bias-up target, and the buying pressure that created it.

A more consequential reversal collapsed down to 2802.50. That was well under the morning’s 2816.75 bias-up signal, during a bias-up environment. And that’s a reflection of sellers become less patient — like mid-morning yesterday’s collapse.

Now the noon hour and bias environment have bounced back up to this morning’s 2816.75 bias-up signal, retracing its premature break. The attraction above is neutralized, and the weekend is fast-approaching. Impatient sellers would be entirely credible for triggering a new break lower, especially so long as the afternoon bounce doesn’t recover 2818.00.