Mid-day Update… Stair-stepping on slipper steps.

Still probing higher, albeit ill-timed.

The open’s attack on the 2655.00 overnight high was reversed back into negative territory at 2620.00. But the morning’s 2625.75 bias-up signal had triggered at 10:15. Regardless of having already met its bias-up target, the bias-up signal was likely to define the window’s lower-end.  In fact, the noon hour’s entry was probing the 2642.50 bias-up target.

The timing of that fresh recovery high created the likelihood for extending to a fresh session high. In fact, 2660.00 was probed during the noon hour. And 2667.50 was probed during the afternoon bias environment.

The timing of fresh highs continues to reflect sponsorship as being weak-handed. Probing fresh highs when entering the noon hour instead of later would have marginalized sellers for the day. And now extending higher anyway during the afternoon’s no-bias environment requires retracing to its 2556.00 bias-up signal.

All of which can be followed by yet more weak-handed sponsorship. But it usually isn’t. Exiting the bias environment back under this morning’s 2654.50 high would be the clearest signal that the bounce is done and momentum is reversing down. Meanwhile, the rally is vulnerable to reversing down, but can extend to 2673.75 or 2684.00.