Mid-day Update… Range bound? Quite a range.

Morning’s rally may have defined the range’s upper-end.

REMINDER: I AM UNAVAILABLE SINCE NOON TODAY, FOR THE BALANCE OF THE SESSION. THERE WILL BE NO MARKET WRAP.

Not bad for a half-day’s work. Or, half-morning, actually. Testing the 2278.75 bias-up signal was the predictable outcomeof this morning’s setup. That was fulfilled, by a surge through 2275.00 to 2279.75. Its reaction down to 2275.00 is trying to reverse momentum back down.

Regardless, overbought RSIs at 2279.75 require its eventual retest. That might enable extending the rally this afternoon, but the difficulty with any trending is the usual anxiousness ahead of Friday morning’s Employment Situation report.

Reversing back down to 2271.00 can’t be dismissed. Neither can extending that back toward the overnight range’s lower-end around 2266.00. Fresh highs above 2281.00 would have potential to last Thursday and Friday’s 2287.00-2289.00 higher prior lows.