Mid-day Update… Stretching the rubber band.

lede .

This morning’s no-bias environment had triggered after the open’s surge to 2387.00 failed to hold both of the 2361.00-2372.50 bias-up parameters through 10:15. The morning’s low at 2345.50 was the second test of Monday’s 2351.00 low. Neither test broke any lower or for any longer. The offsetting tests of both bias-down parameters wasn’t fulfilled.

This morning’s offsetting tests of both bias-down parameters was rendered moot, anyway, by exiting the bias environment above its bias-up target. It wasn’t a clean exit, lasting from 11:30-noon. And the open’s high wasn’t recovered until the final possible minutes. So, I’m not convinced the upside if durable.

Durable or not, the upside has been strong. The noon hour’s 2415.00 high reacted down to 2394.00, and triggered late bias-up 2 points higher. Having already met the 2409.00 bias-up target, sell signals would be credible if triggered. The bias-up target is being retested now.

Back under 2396.00 would offer one more chance to reverse the trend back down, whether into this morning’s lows or lower. Extending higher would have no particular target at this time.