Mid-day Update… Pushing on a string theory.

Flat-to-higher ranging around unchanged.

Opening at this morning’s bias-down target held the 2899.00 pre-open low. Its reaction held 2-3 test of Thursday’s 2908.50 cash session close. An extremely narrow 2-3 point range since noon has fluctuated around 2908.50.

If this morning’s bearish setups were at all influential, then it is in their ability to restrain a recovery. Recovery has been the market’s natural state since the open, however restrained and now gradual it has become.

The market is expending a lot of buying pressure with diminishing immediate returns. The difficult task is to get away from unchanged at Thursday’s close, which isn’t just natural resistance or support but also an attraction.

Extending higher gradually into the bias environment lapsing might only stretch the rubber band to snap back down into a collapse. Otherwise, all of this chipping away at resistance should almost literally explode higher.