Mid-day Update… Consolidating its gains.

Rally pauses for another no-bias.

This morning's bias environment neutralized both the offsetting test of this morning's 2342.00 bias-down signal es_021617_noonand yesterday's "unfinished business below" at 2342.25. That was done during a plunge from 2347.75 that eventually touched 2336.75.

But no-bias had already triggered. Probing under this morning's 2342.00 bias-down signal during a no-bias environment is "no-bias trending." It requires bouncing back up to at least 2342.00, if not also to the 2344.00 10:15 print. Both were tested during the noon hour.

The bounce also attacked this afternoon's 2345.50 bias-up signal to within 1 tick. No-bias has triggered again. The 2339.75 bias-down signal was attacked into 1:30, but held. Probing under it could still test fresh session lows, once again as "no-bias trending" that would require recovery.

Without there being an objective in-play, and without first testing an extreme, price action through the close may otherwise be less predictable.

Mid-day Update… Way to go, Dallas!

Trump picks up Yellen’s slack to trigger surge. Great scene in Hunt for Red October, when it is saved from guided torpedoes by submarine Dallas attracting them away. President Trump played a similar role this morning by touting massive tax cuts, after Yellen’s comments fell flat as was expected. The 2336.50 bias-up signal had been […]

Mid-day Update… Things are moving quickly now.

Targets being met faster than they’re put into play. Two more probes under the 2321.50 bias-down signal during this morning’s no-bias environment both recovered. The bias environment exit was above the pre-10:15 low, so an offsetting test of its 2330.75 bias-up signal became “unfinished business above.” That was as-of 11:30, when this morning’s bias environment […]

Mid-day Update… Target being met.

Rally’s next objective now being met. This morning’s 2323.25 bias-up target was clearly influential, being the window’s high. But it did not attract counter-trend sponsorship to reverse the trend down. So, as the bias environment lapsing came within view, fresh highs became likely by default. Fresh highs printed quickly as the bias environment began lapsing, […]

Mid-day Update… and a reminder.

TODAY’S MARKET WRAP BEGINS ONE HOUR EARLY AT 2:33 ET BECAUSE I WILL BE AWAY FROM THE SCREENS DURING THE FINAL HOUR. This morning’s rally was relentless, and very productive, extending to 2306.00. The most dominant pattern I’m tracking satisfies a lot of buying pressure there. Reacting down during the noon hour suggests as much. […]

Mid-day Update… Step one: recover. Check.

Morning returns to unchanged. Having held this morning’s 2283.50 bias-down signal, an offsetting test of the 2292.00 bias-up signal was put into play. It was attacked to 2290.50, and has become “unfinished business above.” Consolidating through the noon hour attacked 2286.00 as support. Twice. Both reactions up tested 2289.00. It’s being tested again now — still […]