Pre-close view

Late extension, meet no extension.

Bias-up is bias-up. Although the bias-up target was met before the bias timing window, it wasn”t exceeded in time to renew the bias-up signal. That”s still a bias-up environment, but not with any higher target requiring a test.

That paragraph applies equally to this morning as to this afternoon. One separate point, which is different: This morning”s bias-up environment did eventually trend higher through its bias-up target. This afternoon”s bias-up environment did not.

Not trending higher this morning wouldn”t have had any specific consequence. Not trending higher this afternoon does, this being a session that has otherwise trended higher..

The 2106.25 bias-up target was met just before the 1:20 bias timing window, eventually reacting down to 2102.75. Just probing under 2104.00 already suggests that momentum is reversing down. The near-term objective is to test 2100.00 as support. 

There”s no requirement to trend down substantially, but late trending on Fridays rarely encounters counter-trend opposition. By the same token, expirations can be a wild card, so resuming the rally could tick higher relentlessly anyway.