Mid-day Update… Step one: recover. Check.

Morning returns to unchanged.

Having held this morning’s 2283.50 bias-down signal, an offsetting test of the 2292.00 bias-up signal was put into play. It was attacked to 2290.50, and has become “unfinished business above.”

Consolidating through the noon hour attacked 2286.00 as support. Twice. Both reactions up tested 2289.00. It’s being tested again now — still short of the 2290.50 morning’s high, the 2291.25 overnight high, and the 2292.00 unfinished business above.

Stopping pessimistically short of the overnight high this morning could be constructive pessimism, potentially bullish from a contrarian perspective. Hovering just under unchanged isn’t very predictive either way, but it has nonetheless kept the market in proximity to launching another rally leg.

Of course, another rally leg would probably be limited to testing 2292.00, which is now also this afternoon’s bias-up signal. And a 5-point reaction down would still be within this morning’s range. But rallying out of the bias environment lapsing would still be able to extend to new highs.