Mid-day Update… The short road back.

Non-market headline’s knee-jerk reaction retraced almost entirely.

This morning’s N. Korea meeting news was relevant, but it wasn’t market related. It was very productive, too, reversing from 2730.50 down to 2705.75. That took 90 minutes, while the more immediate consequence tested 2714.00. I suspect that the extension was sponsored by the same patient sellers that were waiting for that obligatory probe above yesterday’s highs.

In other words, that’s a lot of selling pressure.

The question I posed earlier was whether attracting those patient sellers would produce a break under relevant support. Which they didn’t. The bias environment began lapsing several points above its 2713.00 bias-down target, and at its 2720.75 bias-down signal.

In other words, that’s a lot of weak-handed selling pressure.

Already, rallying through the noon hour has retraced almost all of the non-market related headline’s reaction. Hovering at or under 2728.25 has triggered this afternoon’s 2725.25 bias-up signal. Extending higher isn’t much likelier than backing-and-filling. But now another sell-off has been retraced, which could inhibit sellers into the weekend if Europe’s bearish attitude is kept in check.