Mid-day Update… Wrong side of the hump.

Morning rally still short of recovery.

The open’s dip to 2761.25 recovered back above 2767.00 too late for its sponsorship to be strong-handed. That didn’t prevent extending the bounce to test this morning’s 2777.50 bias-down signal by 2 ticks. The bias environment finished lapsing back down at its 2772.00 bias-down target.

Bouncing out of the noon hour has held a test of the 2776.75 bias-up signal to avoid triggering. Hovering here until the bias environment begins lapsing can resume the rally and trend higher into the close. Its likely objective would be to fill the gap back up to Friday’s 2784.50 close.

Back under 2773.00 at any time would start to signal another downleg underway. The next lower objective 2756.00, although testing it today would be difficult if not done aggressively. Overbought RSIs at this morning’s 2778.00 high would become another piece of unfinished business above.