Mid-day Update… Running out of attractions above.

Detour powered by fumes.

Anticipation for today’s tax reform vote in the House (which just began). Reaction to five consecutive gaps down that held tests of 2563.75 support. Overkill and extension of a corrective bounce. A combination of these, and more. Whatever the catalyst to today’s rally, it has been productive.

And it has neutralized a lot of upside attractions. Gaps back up to Tuesday and Monday’s closes. Ineffectual pessimism and upside traction that had suggested the week’s decline would at least be corrected. And now the closest thing to an upside requirement — the gap back to last Wednesday’s 2590.50 close — is in-play as this afternoon’s bias-up target.

Meanwhile, resistance at 2588.00 is being influential. Earlier, resistance at 2584.25 was influential, too. Its 3-point pullback resolved up, but there’s no assurance now of a shallow pullback or its recovery. And the current pullback just exceeded 2 points.

There has yet to be a fresh high since signaling bias-up. It’s too late to reject the signal, until exiting the bias environment at 2:30 under its 2579.25 bias-down signal. Reversing down prematurely would be entirely credible for extending down anyway, and without limitation. Otherwise, there remains potential to new highs.