Mid-day Update… Unstuck, but still stuck.

Late extension probes higher, on weak sponsorship.

Gapping up to 1997.00-1999.50 wasn’t threatened through the first half of the fist 15 minutes of volatility, making fresh highs likely. Fresh highs weren’t probed much beyond 2001.00 during the first 15 or 30 minutes, making a pullback likely to refuel buyers for fresh highs at 2004.25-2005.00.

Dipping to 1996.00 stretched the rubber band enough. Snapping back up probed new recovery highs up to 2005.25. Its reaction down barely touched the open’s range before extending higher to 2008.00. Hovering there before the bias environment exit has persisted into the noon hour’s entry, now piercing fresh highs at 2009.00.

Friday morning bias can persist through the noon hour, possibly extending although not necessarily, at least preventing a durable reversal. But the timing origin of finally breaking higher does keep the afternoon vulnerable to reversing back down.