Mid-day Update… Restrained optimism becoming straining.

Sellers were absorbed, but buyers slow to be rewarded.

Sellers gained no traction for this morning’s efforts. Early strength to 2858.50 had stopped short of the 2860.00 overnight high. Its reaction bottomed upon filling the gap back down to Friday’s 2851.75 cash session close.

Positive territory contained the post-open downtrending. That’s the least qualification for the bullish WedEX, but the influence went further to attack or retest the open’s highs as the bias environment finished lapsing at noon.

Now WedEX has lapsed, so extending higher is the product of other influence. The obvious separate influence is the bias parameters, but this afternoon’s 2859.00 bias-up signal just avoided triggering.

Actually, 2859.00 is being pierced. Probing above it would be “no-bias trending” that requires being retraced before another upleg is credible. Slow-playing a break higher, or correcting it, would leave the final hour vulnerable to resuming the rally. There probably won’t be a sell signal nearer than 2855.00.