Mid-day Update… Thin ice.

Sitting at the highs.

This morning’s rally extended up to 2402.25. Coincidentally, that was the first bar both printing a fresh high and not touching the 2401.00 renewed bias-up target. Its extreme sentiment didn’t attract reinforcement, and price retraced 4 points.

1-minute and 3-minute RSIs aren’t simultaneously overbought at the high, so its retest isn’t required. But the pullback is relatively shallow. The rally may have corrected through the passage of time, instead of the more traditional retracement.

A fresh high would have been credible for resuming the rally if preceding a bias-up triggered by 1:20 above 2401.00. But no-bias triggered, so anything above 2401.00 during a no-bias environment would be doomed to failure.

None of which prevents testing 2405.00, anyway. But under 2398.00 would extend the dip.