Out of the frying pan…

Without any momentum, another rally tries to gain traction.

The bias environment”s 1995.50 exit and the final hour”s 1991.25 entry both were within the noon hour”s range. So, trending up during the 3:10-3:20 timing window doesn”t translate into traction.

That doesn”t prevent trending higher, it just makes trending higher likely to fail. And the bounce has trended higher to 2001.50.

Back under 1997.25 and 1995.25 would signal the trend reversing down. Closing under 1991.00 would confirm the decline”s momentum remains intact. Otherwise, there is room through 2004.00 to 2009.50 before signaling a bigger rally leg underway.