Pre-close view

Down for the lack of up?

Despite not probing any higher after 10:15 than before it, this morning”s 2110.25 bias-up target became “unfinished business above.” That”s because the bias environment wasn”t exited back under the 2104.50 bias-up signal, which had triggered cleanly.

Actually, 2104.50 was being probed, down to 2101.00, but not below the morning”s range when it mattered.

That pretty much defines the session so far. Sideways ranging, interim dips, but nothing that would give sellers traction. And no rallying. Fresh highs remain likely. Not necessarily today, but the door is open. 

Having chipped away so substantially at resistance for so long, the only requirement is that a fresh high should be very aggressive — steep and substantial. That aggressive character should be obvious above 2104.50 for optimal confirmation that a breakout is underway.