Mid-day Update… Postured to confirm. But, tick-tock.

Rejecting fresh highs wouldn’t be bullish.

This moring’s bias-down signal was tested and held through the open, but its offsetting test of the bias-up signal was held through the bias timing window’s grace period. This setup usually produces an offsetting test of the bias-down signal, despite it having been tested first. But not this morning.

Perhaps that’s because the setup I just described was triggered by the 1 tick. The 2777.25 bias-up signal was attacked to within only 1 tick at 10:30. Actually touching it would have triggered noN-bias, which is more how the morning developed — shallow 5-6 point backing-and-filling that waited for the window to lapse.

And when the window began lapsing, the post-open recovery resumed. Surging 10 points from 2774.00 tested the morning’s 2784.00 bias-up target that I had suspected would be met anyway, but for having expended so much buying pressure so quickly this morning.

2784.00 has since held another 5-point pullback. Resolving up again is possible, all but marginalizing sellers for the day and confirming the trend remains up. Otherwise, fresh afternoon lows under 2778.00 would start to signal another rally effort had failed. Closing negative — if not also under this morning’s lows — would form a bearish Pivot Reversal unlikely to delay extending down.