Mid-day Update… Two bounces do not a trend make.

Yellen reaction triggers extra surge.

This morning’s bias environment exit absorbed a test of 2027.25. It later served as the inflection point to a 7-point surge triggered by Fed Chair Yellen’s remarks. That extended during the noon hour to touch Sunday night’s 2039.75 high.

12-points into positive territory. Quite an improvement from this morning’s 9-point probe into negative territory.

But negative territory and 2027.25 weren’t recovered until after the bias environment had lapsed. Extending higher later is likely to be retraced entirely.

The noon hour’s reaction down from 2039.75 touched this afternoon’s 2033.50 bias-up target as support. A buy signal was triggered back above 2036.25 targeting the high’s retest up to 2041.50. Back under 2033.50 would target 2029.50, and potentially lower.