Is that that?

Exiting the bias environment back under its bias-down signal.

A main tenet to launching a substantial rally today was holding this morning”s 2113.50 bias-down signal. And it didn”t trigger.

Its bias-down target was probed overnight to within 1 tick. It was still being tested an hour after the open. And now the bias environment has begun lapsing from back under it.

But it didn”t trigger.

Lapsing from above 2113.50 would have been bullish. Triggering a clean no-bias would have been more bullish. But now, at least entering the noon hour back above 2113.50 would still be bullish.

Entering the noon hour under 2113.50 wouldn”t be bullish, but it wouldn”t be as bearish as if 2113.50”s bias-down signal had triggered earlier.

At this moment, a reversal down from 2117.25 has extended to touch its minimum objective at 2109.50. Back above 2112.75 would start to suggest sellers are done. But entering the noon hour above 2113.50 is the minimum requirement for any confidence that buyers are regaining traction. Not recovering could extend down through Friday morning.