The weekend drift.
Sideways ranging gets wider, allowing a temporary dip.
At least, I”m assuming the dip is temporary. Buyers were rewarded this morning for gaining traction yesterday. So, other influences — especially bullish influences — are likely to be fulfilled, too.
REMINDER: NO SATURDAY REVIEW, SO WE”LL REVIEW THE BIGGER PICTURE DURING THE POST-CLOSE MARKET WRAP
That doesn”t preclude there being a dip. But like this morning”s opening dip, it makes a recovery likely.
So, the no-bias environment had room to dip to its 2083.25 bias-down signal. It wasn”t required, but a break under 2088.25 eventually extended to test 2083.25. And the break has been recovered entirely.
Oversold RSIs there make its retest likely. But that “unfinished business below” might have to remain outstanding for awhile. Especially if the recovery were to extend.
Fresh highs are still required, with unfinished business above at this morning”s 2082.75 bias-up target. That might remain outstanding, too — but the final hour before a three-day weekend is capable of almost anything.
