Mid-day Update… Sellers marginalized?

Two-three dips have resolved up.

The overnight dip to 2729.00 held the morning’s bias-down target and reacted up to 2741.00 before the open. The post-open dip to 2733.00 avoided triggering bias-down and was reversed up to 2748.50. Its reaction back down to 2736.00 bounced to test 2745.00.

Sellers tried, tried, and tried again. And got nothing for their efforts.

Now the noon hour’s attack on 2737.00 is also reacting up, so far to within 2 ticks of the morning’s 2748.50 high. This isn’t a trending session, but it is a Friday afternoon, when new sponsorship isn’t likely to overcome what current sponsorship has established. And current sponsorship has established that sellers keep trapping themselves.

Not having trended yet today, trending is still possible. This afternoon’s no-bias environment will inhibit trending above its 2745.75 bias-up signal (now being tested) — that would require being retraced, or extending higher could simply be slow-played or delayed until the bias environment begins lapsing. Meanwhile, there’s room to 2739.00 before suggesting that sellers aren’t actually marginalized for the day.