Mid-day Update… Ready to rock, or roll over.

Pullback holding support.

This morning’s late rally above 2127.75 was resisted initially at the 2133.50 bias-down signal. Being resistance during a bias-down environment didn’t prevent probing above it to 2140.00. But probing above the bias-down signal during a bias-down environment required at least retesting 2133.50 as support.

2140.00 happens to be natural resistance. It is a 61.8% retracement back up to yesterday’s pre-open 2150.00 test. Overbought RSIs that formed at 2140.00 require its eventual retest. That’s possible at any time since its reaction down just fulfilled the minimum downside objective by testing 2133.50.

Trying to retest this morning’s high would get every benefit of the doubt for trying to resume the rally. There is resistance above at 2145.75, unfinished business at 2148.00, and then a likelihood of probing yesterday’s 2150.00 pre-open high.

Until rallying, there is currently potential for extending the noon hour’s pullback through 2133.50. This morning’s 10:15 print at 2127.75 could be tested, regardless of the resolution.