Mid-day Update… Waiting for payday.

Meeting the rally’s target enables inhibition ahead of tomorrow’s payrolls.

I certainly did not give buyers any benefit of the doubt through the open. That would change either by the opening 15 minutes holding a test of yesterday’s 2628.50 lows, or else by triggering the 2634.25 bias-up signal at 10:15. The latter developed, late, but still valid. One pullback developed along the way to the 2642.25 bias-up target.

The target was met during this morning’s bias environment. The noon hour consolidated narrowly around it. A blip-up coming out of the noon hour probed it, piercing the afternoon’s 2643.50 bias-up signal. A blip-up that has probed under the noon hour’s narrow range.

Triggering this afternoon’s bias-up would have been difficult. The morning’s buying pressure was fulfilled. And anxiousness ahead of Friday morning’s Employment Situation report commonly paralyzes Thursday afternoon price action.

Trending differs from backing-and-filling. That could still develop back down to this afternoon’s 2636.50 bias-down signal during the no-bias environment. And lower afterward. Meanwhile, probing above 2643.50 would be “no-bias trending” that requires being retraced.

NOTE: All price level references and bias parameters are now basis MAR, which has become the front-month, and currently trades at a ~2.50 premium to DEC.