Mid-day Update… Safe for another day?

Opportunity to reverse down fails.

The gap up and its extension to 2469.50 had fulfilled the next higher 2469.00 objective. It also intersected with downtrending pivotal resistance off of July’s high. And it reacted down sharply — first, back to the open’s 2464.25 buy signal, and then to 2463.25.

That second, deeper dip was a second bite at a 2465.50 sell signal. It probed under the first test’s 2464.25 low. And it was recovered, entirely, back up through the noon hour to touch the morning’s 2469.50 high.

Sellers should be marginalized for the day, or at least until the final hour. Its proof would be in the rally should meanwhile extending higher. If buyers can’t exploit the opportunity, then the final hour would be that much more vulnerable to reversing down.

Already the afternoon’s no-bias signal triggered. Probing above its 2468.50 bias-up signal after 2:30 would go a long way to resuming the upside momentum. Otherwise, just hovering at the highs or briefly probing fresh highs would be vulnerable to collapsing into the close.