Mid-day Update… Rumor milled.

No-bias objective is cut short by OPEC rumors.

Repeatedly testing this morning’s 2096.25 bias-up signal prevented it from triggering. That put into play an offsetting test of the 2088.25 bias-down signal. It was attacked down to 2089.50.

The objective was attacked, and it likely would have been probed back down to and through yesterday’s lows. But then the OPEC rumor hit, taking Crude higher and ES to fresh session highs at 2100.50.

Unfortunately, I had no buy signal working, and other than violating the drop’s bounce limit above 2091.25, I didn’t participate in the surge.

Testing 2100.00-2101.00 at the open would have been bullish. Yesterday’s buyers gained no traction, so resuming the rally before late-afternoon had to begin abruptly and aggressively. Delaying the test of 2100.00-2101.00 is not bullish. Its test just reacted down to 2097.00, and any deeper would reinstate the morning’s decline.

Otherwise, back above 2099.75 and 2101.00 could trigger bias-up, but fresh highs would still be much more vulnerable to reversing back down before the final hour.