Mid-day Update… WedEX time?

Noon hour probes fresh highs. Any buyers left?

It’s now Friday afternoon. The bearish WedEX influence should be obvious during this window. Either by price dropping, or by a test of resistance being retraced.

The bounce off this morning’s lows injected a lot of optimism. Drifting lower to deflate it, simply as noise, would still be a downward bias. But it wouldn’t be the bearish influence that the signal suggests.

The open’s 2419.50 low was attacked to within 1 point as the bias environment lapsing came within view. That coincided with rumors of Trump firing Bannon, triggering a rally up to 2431.50 into the actual bias environment lapse at 11:30. The news was confirmed and the rally extended into the noon hour up to 2435.50. That’s bullish. Indeed, the noon hour probed higher to 2439.50.

But this afternoon’s 2434.50 bias-up signal didn’t trigger. And the afternoon’s bearish WedEX is now influential. The reaction down from session highs is testing 2430.00. Back above 2436.50 would start to signal momentum reversing up, and leave only one bearish opportunity to react down from retesting the noon hour’s 2439.50 high. The trend is otherwise down.