Mid-day Update… Rubber and glue.

Holding resistance, if not actually sticking to it.

This afternoon’s 2534.00 bias-up signal was overlapped at 1:20 to invoke the grace period, and still being overlapped at 1:30 to avoid triggering. This is a noN-bias environment. Not a bias-up with a higher target in-play, and not a no-bias requiring the bias-up signal to hold. Often a noN-bias simply ranges sideways, but the window is free to roam.

Shouldn’t it? This morning’s action was non-committal, but not for lack of trying. It swung wider than the open’s range, which was already wide. The 2737.00 9:45 was eventually probed up to 2739.25. Its reaction down eventually plunged to 2725.25. And now that has been retraced up to 2736.25.

Should it be down? If there is trending during this noN-bias environment, no more downside is required. This morning’s high held the earlier peak’s test to form a Double Top, which was the last opportunity for fulfilling the bearish WedEX. Like hitting a one-outer at the Texas Hold’em World Series of Poker, the bias environment exit plunged to fresh post-open lows at 2725.25. Now the WedEX influence is moot.

Back under 2732.75 would start to signal momentum reversing down — probably for a fresh session low, perhaps to fill the gap back to Friday’s 2713.00 close. Rallying instead has no restraint, and could end the session above 2740.00.