Mid-day Update… Their best shot?

Post-open collapse holds the gap.

“Unfinished business” has been outstanding all week back up to Monday’s 2807.75 opening gap. No trend reversal would be very credible without first neutralizing the attraction above. Neutralizing the attraction above wouldn’t require reversing down.

The gap was filled soon after today’s open. Resistance there was likely to react down. A reaction down still could recover to resume rallying up to 2812.50 or 2817.50. The gap-fill’s reaction down wasn’t interested in higher attractions.

Trending back down through the bias environment reached its first support at 2796.00, whose influence caused a 45-minute consolidation. Resolving down soon reached its next support at 2787.50 — the 61.8% retracement of the structure containing yesterday’s cash session close. Its influence had more intent, reversing price up immediately and through the noon hour.

Extending to 2798.25 easily triggered this afternoon’s 2793.50 bias-up signal. Its 2800.50 bias-up target is in-play. Fresh highs above the bounce’s pre-1:20 high haven’t yet printed to confirm, but hovering there still suggests the uptrend remains intact. However, back under 2794.00 would signal momentum already reversing down.

Fridays are notorious for expending their influence in the morning. Whatever it accomplishes, or doesn’t accomplish, often creates the session’s extreme. This morning’s reaction down tested yesterday’s close, but hadn’t quite rejected it by noon when the bias environment had finished lapsing. Another downleg can’t be dismissed, whether or not preceded by 2800.50.