Mid-day Update… Targets met.

Morning surge is holding.

The open’s rally had peaked initially upon testing 2722.00. Its reaction down snapped back up into a 9-point surge to 2729.00. The portion that probed above the 2722.00 target was quickly retraced. And soon, so was the portion that probed above 2722.00.

2722.00 has since held. Its reaction up has stopped short of 2722.00. Twice. And now it’s being attacked again. There’s room up to 2727.75 without yet resuming the rally. Back under 2724.00 would start to signal another downleg underway.

There’s not timing to which way the 2722-2727 range resolves. But its resolution should extend in that direction. Resolving down and closing under 2703.00 could lead to a much deeper retracement of the recent rally. Extending higher would next target 2730.00 and 2733.00.