Mid-day Update… And a reminder.

I WILL BE AWAY FROM SCREENS ALMOST ALL OF THE FINAL HOUR TODAY. MARKET WRAP WILL BEGIN EARLY AT 3:00 PM ET.

Gapping up to prior highs and extending higher through the open has not extended higher. Neither has it reversed down, not even as a corrective pullback.

Rather, the first hour’s test of its 2189.50 bias-up target began more than a 3-hour range around it. And it’s narrow, not even 2 points high.

Is it a bullish Flag continuation pattern? It’s possible, since it is forming entirely above all prior highs. The duration of its narrowness is disproportionate to the rally into it, so its first break higher would be suspicious until exceeding 2191.50, and its own 3-minute high.

Back under 2188.25 could target 2183.50 and then much lower. Of course, there’s no requirement to resolve today either way — but a 2-point range probably won’t persist.