Mid-day Update… Stretched.

Ranging narrowly at the morning’s high.

False break, or not, this morning’s bias environment exit was probing above its 2337.25 bias-up target. To 2339.00. The noon hour was greeted by a dip to 2335.50 that bounced back up to 2339.00. And now a shallower dip has also recovered to 2339.00.

2339.00 is this afternoon’s bias-up signal. For all of that testing, it still did not trigger. Its resistance has served to define an Ascending Triangle pattern. Breaking higher during this afternoon’s no-bias environment would likely probe higher, despite being “no-bias trending” that is doomed to failure.

Meanwhile, all overbought RSIs have been neutralized. And this morning’s rally is likely to be retraced at some point, regardless. Back under 2336.50 would signal that retracement is today.