Mid-day Update… Turn, turn, turn.

Week of reversals continues.

Maintaining the gap up above 2046.00 was rewarded by extending to fresh highs. Delaying that extension had made me suspicious of the ability to maintain fresh highs.

They weren’t.

Reacting down from 2054.25 through 2048.25 has extended down to 2040.00. The morning’s bias environment finished lapsing under the open’s range. The burden of proof has shifted back to buyers.

Fro the same reason that the week’s ongoing reversals that raised suspicions about the recovery, it should not increase confidence in its reversal. Entering the afternoon back above the 2046.00-2049.00 opening range could be squeezed higher through the close.

Otherwise, plenty of “unfinished business below” and other attractions can keep the afternoon occupied. Trending under Thursday’s 2026.00 low is still a possibility.