Mid-day Update… Stuck, up.

Open’s surge has backed-and-filled, after all.

An opening surge of such great proportion would typically back-and-fill into the afternoon, on any other day except Friday. Today’s post-surge action hovered just under its high. The no-bias seemed suspiciously noN-bias when it triggered, and hovering was a typically noN-bias characteristic.

But also typical for noN-bias hovering is to exit the bias environment trending through the bias signal. That didn’t happen. Only another brief dip to a fresh low — still above yesterday’s range.

A durable downleg would have begun already. So, a later downleg would likely recover. No downleg is required, and neither is the rally required to resume. But resuming the rally this afternoon remains the likelier resolution.