Second wind.

Still trending to fresh highs.

This morning”s bias-up environment consolidated around the 2113.00 bias-up target, waiting patiently for the bias environment to start lapsing at 11:30. And then it began probing fresh session highs.

The noon hour”s exit extended higher, too, triggering the 2117.50 bias-up signal. It has been probed by almost 2 points.

I”ll give the rally every benefit of the doubt so long as its pullback limits hold. But that assumes the rally”s sponsorship is pretty strong-handed. Because two big parts of its template are suspicious.

First, gapping up through 2107.00-2108.00 would have been credible for recovering its resistance, but gapping up to it reacted down. Second, the later recovery above 2107.00-2108.00 held 2113.00 resistance through 10:15, undermining its sponsorship.

Be on guard for a reaction down, because almost any reaction down would likely be dramatic. Meanwhile, the rally”s momentum remains intact.