Mid-day Update… A telling pause.

Trending up through the noon hour, to resistance.

If this morning’s dip to the 2429.25 bias-up signal were going to break lower, then it needed to avoid recovering the 2433.00 open. But the bias environment was exited back up at 2433.00. And if the recovery were valid for ending the post-open pullback, then it would extend higher through the noon hour. Which it did.

The noon hour extended higher as far as possible without putting into play any higher objective. Or any objective. This afternoon’s 2436.75 bias-up signal was probed by 1 point, but it was still being overlapped at both 1:20 and 1:30 to avoid triggering.

The afternoon bias environment is not no-bias, and not bias-up. It is noN-bias. Usually, the noN-bias environment behaves like a no-bias, holding resistance. Unlike the usual no-bias environment, noN-bias tends to cling to the bias signal — and often breaks it when the bias environment begins lapsing.

So, unless a pullback limit were violated and an inflection point were to reverse momentum down, the rally is positioned to resume today. Shallow weakness for now would be helpful, but back under 2432.00 would start signaling another downdraft underway.