Mid-day Update… The three-day weekend effect.

A seasonal timing window may be rushing to fulfill upside.

The open’s rally peaked at 2735.50, but none of my measurements justified that being the rally’s end. Room for a pullback down to 2730.00 was fully exploited before price began firming. Firming, and then surging to 2742.00 before the bias environment began lapsing.

Flat-to-higher ranging through the noon hour attacked 2745.00, fulfilling the rally’s next higher target at 2743.50. Reactions down held 2739.00, and now the afternoon’s bias-up has triggered late. The rally’s next higher target at 2751.00 — which is also this afternoon’s bias-up target — is in-play.

RSIs are now overbought at the current high attacking 2747.00 to require that any immediate dip be recovered. Back under 2742.00 could be difficult to recover.

Wednesday is the wek’s most liquid, and the most predictive Wednesdays precede expirations and 3-day weekends. Counter-trend sponsorship ahead of 3-day weekends is difficult to generate after Wednesday. Fulfilling the 2751.00 target without putting into play a higher objective could be difficult  to reverse back down.