Mid-day Update… The range persists.

Morning dip is retraced.

I had noted this morning that perhaps the most bullish development was probing under the 2495.50 bias-up signal when it was too late for sellers to gain traction for their effort. Trending was already going to be difficult. Not only for being a bias-up environment, although its bias-up target had been met, but also because the open had spent so much time overlapping the target.

Probing under 2495.50 to 2482.75 filled the gap back down to Friday’s close, neutralizing its attraction. And the reward to patient buyers for absorbing the dip is this afternoon’s 2502.50 bias-up signal putting into play its 2510.00 bias-up target — already being met to within 3 ticks so it won’t become “unfinished business” in case of reversing down.

Sellers aren’t marginalized. All of today’s price action has developed within Friday’s last leg. Buyers have gained traction for their efforts by triggering bias-up, but their target is already met. And it’s only an inside day. Extending higher would have potential for trending to 2525.25. But exiting the bias environment in decline could still trend down through the close.