Earnings inhibition again?

Despite triggering bias-down and lower targets being in-play, yesterday afternoon”s action ranged choppily flat-to-higher. It ended at its most optimistic ahead of AAPL”s post-close earnings, squeezing through the afternoon”s prior high.

That only fattened it up for the kill, the reaction to AAPL”s warning.

Today”s earnings calendar is very busy, too. Optimism isn”t likely to repeat ahead of the post-close headlines. Pessimism is one alternative, and so is ranging sideways, which has been the pattern since before the noon hour.

Fresh lows remain possible, but not in-play nor required — nor the product of strong hands. Exiting the bias environment above or below 2103.75-2108.00 would start an effort to gain traction in that direction. But no break is required.