Mid-day Update… Still ticking.

Post-open surge extends up sharply.

Ranging relatively narrowly at or under this morning’s 2902.50 bias-up signal did eventually break higher in time to invoke the grace period. And it did trigger. Consolidating at its 2909.00 bias-up target developed an Ascending Triangle continuation pattern, which also eventually broke higher.

This morning’s 2916.00 high has since held as resistance, while an extremely narrow noon hour range hovered there.

Beware the first break from an extended narrowing range, which is often false. Especially if it’s alluring. So, almost literally exploding higher would be vulnerable to reversing back down, especially without triggering the 2818.00 bias-up signal.

Otherwise, the most bearish scenario for this afternoon may be sideways ranging, backing and filling to the 2908.00 bias-down signal. The morning’s vulnerability to reversing the trend down is much less so this afternoon… at least, until the final hour.