Mid-day Update… A topping a tempt.

Still lacking a break under a prior low.

This morning’s reaction down from 2557.75 to 2552.00 and bounced to 2554.75. That resolved down into the noon hour’s 2550.75 low. Then bounced again. The last downleg was retraced by 61.8%, and then more so up to 2554.50, natural resistance which is still being tested. Meanwhile, the sell signal’s bounce limit was just violated.

The delay in reversing into negative territory doesn’t have any bearing on whether that remains possible. It does. Sellers aren’t marginalized, but neither are buyers. Without breaking a relevant low, the rally remains intact as ever.

Back above 2555.25 would now suffice to suggest that buyers are retaking control. Back under 2551.50 would resume the decline.