Fallen and can’t get up. But, fall further?

Greeting the afternoon without trending.

This morning”s drop met its 2072.50 target by 10:15. The only lower low followed a bounce, its RSIs diverged positively with the prior low, and it recovered at least 61.8% of the prior swing.

The morning”s bias environment did not trend. And the noon hour”s sideways range was only narrower. This afternoon”s bias timing window triggered no-bias.

Stability?

Recall my criticism of yesterday”s first hour — not that it”s opening range avoided extending down, but that so much time had elapsed without yet recovering.

Starting from standing still is already difficult. Breaking out from an extended range isn”t easy, either. Stretching the rubber band a little further first may be necessary. 

Recovering from a fresh low before weekend illiquidity could generate widespread buying and short-covering. The risk is that probing a fresh low might attract sponsorship to extend down much deeper. Forming this setup before the bias environment lapses would be bullish, but meanwhile the decline is vulnerable to extending.