Mid-day Update… Roomy noise.

Noon hour’s highs have yet to extend.

We discussed after yesterday’s close how the session’s specific contradictory signals were suggesting a very wide-ranging session today.

Already swinging widely this morning doesn’t mean that’s necessarily done. Neither does already fulfilling the 2143.00 objective, and its room for noise above that begins at 2147.25.

Today’s pattern has so far duplicated yesterday’s — Reacting down from a gap up, then recovering to new highs during the noon hour, triggering no-bias. Similar setups that appear sequentially should resolve differently. Yesterday afternoon only range sideways, so today should either reverse down, or else extend up.

That latter option is problematic. Being a no-bias environment, trending up would be “no-bias trending” that is doomed to failure. The noon hour has created a Complex Ascending Triangle pattern that can function as a Double Top reversal.

Fresh highs could test 2151.25-2152.75 before reversing down. And having stretched the rubber band, that would reverse down substantially if the rally doesn’t intend to put higher targets into play.

A shallower reversal down could still recover 2143.00 through the close to create higher objectives. Reversing down first isn’t required, or reversing down from only slightly higher highs — but that would be likelier to dip only briefly.