Mid-day Update… Refueled, and then some.

Corrective bounce limit being tested.

Not connected to the intraday gyrations is a corrective bounce limit at 2134.00. It may be probed intraday, so long as any probe above it is isolated to a timing window.

Interestingly, it was probed by a knee-jerk reaction’s spike up to 2143.50 on dovish comments from a dovish Fed speaker.  That same spike fulfilled the 2141.25 bias-up target. Its reaction down overlapped the 2136.00 bias-up signal in time to invoke the grace period. triggered late no-bias triggered at 1:30.

Late no-bias after fulfilling the bias-up target already reacted down to 2130.75, suggesting that buying pressure is ending. That doesn’t necessarily mean reversing down immediately — the afternoon bias environment is not an optimal time for trending.

Overbought RSIs at the 2143.50 high don’t require a retest for being a news reaction, but a retest has room for noise up to 2145.00 or 2147.00. And back above 2136.75 has signaled that retest underway.

Exiting the bias environment or entering the final hour back under 2134.00 would likely be followed by retracing much of today’s rally. Potentially, all of it — if not today, then probably overnight. Closing above 2134.00 would require gapping down tomorrow to confirm the trend has reversed down.