New highs just a formality?

Don”t forget about Friday Factors.

The gap up had extended to within a tick of the thrice-renewed 2111.00 bias-up target. Back under 2107.00 would have triggered a reversal, but it was only touched before resuming the trend to fresh highs.

Probing fresh highs before 11:30 entrenched today”s momentum. The next higher target is 2114.75, although its test isn”t required. More important is that exiting the bias environment at fresh highs on Fridays is very difficult to reverse down.

Not impossible, just difficult.

Back under 2109.75 would start to signal a dip to 2104.25 in-play. It could be probed down to 2101.50. Regardless, it would likely be only temporary — and recovered entirely. The exception would to avoid recovering a prior low remained coming out of the bias environment at 2:30.

Please don”t underestimate the degree of difficulty in reversing down without. The bias environment”s exit is the one window that would be credible. Meanwhile, interim dips should be recovered.