Mid-day Update… Wile E. Coyote moment?

Don’t. Look. Down.

Double-topping this morning at 2391.75 didn’t prevent triggering the 2386.50 bias-up signal, or putting into play its 2392.00 bias-up target. But it did allow a pullback to test the overnight range down to 2385.00.

Firming into the bias environment exit extended into the noon hour, probing 2392.00 by 5 ticks. The balance of the noon hour ranged narrowly back down to this afternoon’s 2391.50 bias-up signal.

Bias-up didn’t trigger, nor was it rejected. This is a noN-bias environment. Trending either way is possible, but not common. Regardless, trending isn’t signaled.

This is an uncomfortable window not to have an objective in-play.  Somewhat like Bugs Bunny’s nemesis Wile E. Coyote being led speedily off the edge of a cliff. His lateral momentum briefly suspends him in mid-air, before gravity takes over. The moment in between resembles this afternoon’s bias environment.

Back under 2389.50 would start to signal momentum reversing down. If confirmed and extended, 2381.00 and 2375.00 could be tested. Meanwhile, any bullish resolution won’t be signaled from under the 2393.25 high.