Mid-day Update… Position of strengthness.

No-bias trending is rallying sharply.

Despite triggering no-bias by holding this morning’s 2787.50 bias-up signal, no-bias trending has extended to yesterday’s 2801.00 open. An offsetting test of this morning’s 2772.50 bias-down signal becomes “unfinished business below,” along with oversold RSIs at yesterday’s 2669.50 low.

2801.00 is also this afternoon’s bias-up target, so that attraction is neutralized. As for being yesterday’s open, the common behavior of its retest is to actually probe it. The hesitation suggests pessimism, which is potentially bullish from a contrarian perspective. Also retesting yesterday’s 2808.50 high is entirely possible.

Although this upleg certainly wasn’t indicated by this morning’s no-bias, it is perfectly appropriate for the rally. As I noted after yesterday’s close, it will take more than a 39-point plunge to kill this rally. More, like already retracing a 39-point plunge while leaving unfinished business below. This strength is coming from a position of weakness.

Only one piece of unfinished business remains outstanding above — a new trend high close. And today’s WedEX may be predictive, too.