Mid-day Update… Working through demand.

Now testing Friday’s highs.

Friday’s 2786.50 cash session close was the product of firming throughout the afternoon to probe the morning’s 2786.00 high. Extending into the weekend touched 2790.00. Despite this morning’s surge touching 2808.50, its reaction down is now testing 2790.00 as support. By more than 2 points.

And there’s no indication of recovery.

Both 1-minute and 3-minute RSIs are hovering above oversold. Barely threatening to get oversold, certainly not getting oversold, while the afternoon’s bias-down has triggered. Sellers aren’t getting ahead of themselves.

The next lower chart objective is 2784.00-2785.00, which includes this afternoon’s bias-down target. Lower prior highs under 2780.00 are 2760.00 and 2750.00. And each is equally vulnerable to being tested if today’s close is back under Friday’s highs — regardless of the gap now outstanding back to today’s 2800.75 opening print.