Mid-day Update… Rewarded, as in past-tense.

Morning’s rally fulfilled rally’s traction, but none replaces it.

Yesterday afternoon’s rally gained traction by trending higher through its two relevant timing windows. Despite already extending higher into the close and overnight to 2059.25, this morning’s trended higher, too. That required a deep dip into and out of the open down to 2045.50, but it recovered to 2063.50.

The noon hour only trended down. The 2056.00 bias-down signal triggered, and its 2050.50 bias-down target has been met. Now a bounce is testing the 2056.00 bias-down signal as resistance.

This being a bias-down environment, its 2056.00 bias-down signal should define the range’s upper-end. Probing above it would have to be retraced. Hovering around it until the bias environment begins lapsing could then extend higher.

Tomorrow afternoon’s FOMC Minutes release might inhibit trending much before then. This leg of the rally still has potential to 2068.00. Meanwhile, back under 2053.25 would signal a fresh low in-play, potentially targeting 2046.25, but not necessarily any lower.