Mid-day Update… Still holding. (Also, programming note.)

Gap up recovered, not extended.

Buyers proved they bit off more than they could chew by testing too many prior highs at the open. But an attempt to invalidate the 2759.00 bias-up failed. And its 2765.50 bias-up target was retested. Friday morning’s bias signal persisted through the noon hour, and so did the 2759.00-2765.50 trading range.

Now the afternoon has triggered no-bias. Neither bias signal was even touched, and the trading range has only narrowed up to 2765.50. All of which is under the 2767.00 open.

This is not trending. If it were, then Friday afternoon would be extra-vulnerable and even likelier to extend it into the close. That’s still possible, and I would fade fresh session highs only carefully. Very carefully, because of the potential for extending higher.

Back under 2761.50 would start to signal momentum reversing down. That is also a vulnerability, but not a likelihood until actually probing the morning’s lows. Not yet probing the morning’s lows by the final hour’s entry would be difficult to resume the decline today.

MARKET WRAP WILL BE HELD EARLY TODAY AT 3:03 PM ET