Mid-day Update… Prove it.

Afternoon shifting between influences.

This afternoon’s bias environment shuts the door on two of this morning’s bullish influences, and opens the door to another.

The bullish Globex-flip setup triggered easily. Its influence applies either to this morning, or else through the following morning. The difference is identified during the interim afternoon. If this afternoon extends the rally, then it’s likely also to extend the following morning. But not extending the rally this afternoon would leave the following morning without the Globex-flip influence.

This morning’s other bullish influence is a usual Friday Factor. The morning’s bias signal tends to persist through the noon hour on Fridays. This morning’s bias-up was renewed. That didn’t translate into extending the trend, but a reversal was avoided. That inhibition is now done.

The opposite of bullish is not “bearish.” It is “not bullish.” Bearish requires its own signal. Enter the bearish WedEX.

Thursday’s gap down held under two prior relative lows to invert Wednesday’s bullish WedEX by proxy. The setup became bearish. Its influence spans Friday afternoon through Monday morning. Had the overnight rally extended higher this morning, I wouldn’t be surprised at the setup failing. It may yet, but all of that overnight buying pressure failing to extend post-open leaves the door below wide open — even without the bearish WedEX.

Meanwhile, notice the difference between NQ and ES in the nearby charts. Even the overnight rally is not broad. This afternoon’s bias-up didn’t trigger, despite being attacked to within 3 ticks during the noon hour. If trading a buy signal this afternoon, consider using smaller unit sizes and/or shallower targets.

REMINDER: This being a holiday weekend, there is no Saturday Review. Be sure to make stock chart requests by this afternoon.