Scared away buyers?

Open”s surge to resistance is backing-and-filling.

The first half hour had gapped up above the 2103.00 bias-up signal, extended through the 2109.50 bias-up target, and tested the 2114.75 renewed bias-up target. Twice. Actually, that second test came several minutes later.

Anyway, a lot of buying pressure had been expected, but also fully rewarded. Exceeding the renewed bias-up target could have renewed the signal again. Instead, price action since then has dipped back down to this morning”s original 2109.50 bias-up target.

Now the bias environment has lapsed. The noon hour is almost beginning to lapse. And 2109.50 is still being tested. 

There”s a couple of points of room for noise under it down to 2107.50, but any lower would start targeting Friday”s 2102.00 “lower prior highs.” That”s under this afternoon”s bias-down signal, so timing would be very important. Otherwise, back above 2111.75 would resume the rally, next targeting new highs.

Even the most bullish scenario requiring new highs — which we happen to be in — wouldn”t be reliable to resume the rally today. It would not inappropriate, but it”s not required.