Tough (to) sell.

Yesterday afternoon”s high held multiple tests as support.

Gapping up to and through yesterday afternoon”s 2090.00 high — which was also this morning”s bias-up target — robbed sellers of a lot of traction. 

They could have regained it by not exceeding 2090.00 through 10:15, or after testing the 2095.25 renewed bias-up target, or after retesting 2095.25. Each of those reactions down was deeper and deeper. Each was on the same plane. And each was recovered to a higher high.

This latest recovery took awhile. But as I have been describing in the chaRTroom, hovering at resistance though the noon hour would all but marginalize sellers.

Friday morning bias signals tend to persist through the noon hour because that”s when the last of big money is done. That”s not equivalent to trending. And this morning”s big money did not produce trending. Exiting the noon hour allowed the session”s character to change. 

A surge just sliced through this afternoon”s 2095.25 bias-up signal to 2099.75. This is “no-bias” trending, and it is required at some point to revisit 2095.25, if not also the 2094.25 1:20 print. No-bias trending often does retrace the same day. So, extending higher depends greatly on holding above 2098.00, and extending above 2101.50.

When no-bias trending isn”t retraced the same day, it”s usually because much more no-bias trending lies ahead. This afternoon”s rally still targets 2101.50, and potentially 2109.50-2111.00.