Mid-day Update… Still ticking. CORRECTION

CORRECTION: The afternoon bias-up signal was mis-identified as 2600.00. It is 2601.50.

Actually, it’s trying to re-start.

The first hour’s rally to new highs extended slightly into the morning bias environment’s 2599.00 high. Apparently, ranging had already begun. It persisted through the noon hour, and out of it, triggering no-bias.

So, this afternoon’s bias environment has room to test its 2600.50 2601.50 bias-up signal. It’s being attacked now. It can be probed by several ticks, and overlapped to any degree. But 2600.50 2601.50 should define the bias environment’s upper-end. Trending any higher would be “no-bias trending” that requires being retraced.

Meanwhile, breaking out to 2600.50 2601.50 is actually the first attempt to extend the morning’s rally. It’s shallow — so far — and doesn’t have the luxury of backing-and-filling to refuel its breakout attempt. Reacting back down under 2597.00 would become likely to reverse the intraday trend back down, whether to 2591.75 or 2588.25.