Mid-day Update… Spent.

Opening surge has yet to improve.

The open’s dip to 2566.75-2568.50 would have trapped shorts and refueled longs. Rallying straight up from there would have likely extended through the noon hour. But the open didn’t dip. And the pre-open dip held 2570.00. Too few shorts were trapped and longs weren’t terribly refueled.

Holding a test of this morning’s 2574.00 bias-down signal through 10:15 was still bullish. It put into play an offsetting test of the 2582.75 bias-up signal. And that happens to be the recovery’s high. Now having hovered shallowly through the noon hour, another break higher is likely.

At least, an attempt to break higher is likely. This afternoon is also a no-bias environment, and a test of its 2585.00 bias-up signal would likely hold. It could also push price back down. Otherwise, only breaking back under 2579.50 would be credible during the bias environment for launching a reversal of this morning’s rally.