Mid-day Update… In the sweet spot.

Attacking July’s pivotal high.

This morning’s 2477.25 bias-up target held its tests through 10:15 to avoid renewing the bias-up signal. Prematurely probing 1 point above it reacted back down to 2474.50 as the bias environment began lapsing. And then it recovered.

Fresh highs coming out of the noon hour have attacked 2480.00 to within 1 tick. That’s essentially July’s high, which is the high prior to August’s actual high — the “pivotal high.” And there’s usually no bearish reason to revisit the pivotal high after having probed its interim low. Meaning, August’s actual high would likely be retested, too.

First things, first. An afternoon downleg can’t be discounted. This afternoon’s bias-up did trigger and it does target fresh session highs. But nothing prevents a downdraft. Back under 2476.75 would start to signal the weekend will be greeted in decline. Otherwise, the near-term trend remains up, no matter how shallowly.