Mid-day Update… Pies in the sky?

Creating more “unfinished business above.”

The open’s congestion held the 2344.25 bias-down signal’s test to trigger late no-bias, putting into play an offsetting test of the 2353.50 bias-up signal. So, upleg, right? No, a downleg.

A rogue downleg? The range broke well after 10:30, making it no-bias trending that required eventually retesting 2344.25. Despite the drop extending to the morning’s 2338.00 bias-down target — which was pierced by only 2 ticks — yesterday’s 2340.00 “lower prior highs” held as support. Now their reaction up has tested 2344.25, along with the 2346.00 10:15 print.

2353.50 can be added to the list of unfinished business above (along with 2352.50 and 2354.75). So, now this afternoon’s 2343.50 bias-up signal can be revisited below. Neutralizing its attraction would allow an afternoon rally. Perhaps even a full-throated recovery.

The impending three-day holiday weekend makes trending to a new extreme difficult. But not impossible, especially since we’re already at the extreme. Exiting the bias environment under 2342.00 could find the close sharply lower.