Mid-day Update… Which way is up?

PROGRAMMING NOTE: Market Wrap will begin early at 3:15 ET.

The overnight rally above 2720.00 to 2729.50 had been entirely retraced, and then recovered into and out of the open. Its 2733.25 post-open peak was reversed sharply down to 2717.00. Bias-up was rejected, triggering no-bias, putting into play an offsetting test of the bias-up signal.

And that was just the first hour.

The next half-hour rallied. Also sharply, and also entirely retracing a fresh high at 2734.25. It was too late to trigger bias-up, and too late for recovering the bias-up signal to invalidate the no-bias. The morning’s offsetting test of its 2709.50 bias-down signal has become “unfinished business.”

But that was 2-1/2 hours ago.

The market has been ranging choppily sideways back down to 2724.00. Neither of this afternoon’s bias signals was tested or even attacked. There’s room up to this afternoon’s 2737.75 bias-up signal, or down to its 2720.75 bias-down signal… until the bias environment begins lapsing.