Mid-day Update… Does slowdown = down?

Pre-weekend volume contraction.

This morning’s rally peaked within 5 ticks of its 2787.00 doubly-renewed bias-up target. It didn’t require being met. Neither did its 2781.50 renewed bias-up target. A 7-point dip down to 2779.00 still recovered enough to exit the bias environment back above 2781.50. So, proximity to the high’s overbought RSIs makes its retest likelier today.

Back under 2781.00 would start to signal another pullback, first. And 7 points may prove shallow. Even a temporary dip has potential down to 2776.00 or 2773.00.

Meanwhile, this being a Friday afternoon, sponsorship is difficult to attract. Let alone, reinforcements for the prevailing trend. And especially counter-trend sponsorship. More common is to trade out the session within the morning’s range, or to hold probes of either end of it.

So, while breaking lower could turn negative, that wouldn’t be normal. Just reversing down would be difficult if not underway already by the bias environment’s exit. And while a retest of the highs is likely, and likely to hold, Friday Factors enable drifting higher into the weekend.