Late-morning Update… There’s news.

Consolidating at the 2434.50 bias-down signal tried trending up without first blipping-down to trap shorts. Perhaps it could have extended higher, we’ll never know. Moments after neutralizing the 2440.75 objective to within 3 ticks, price reversed down sharply.

The character of the reversal down suggests that it is not necessarily organic, in reaction to having satisfied the upside attraction. Rather, the catalyst seems to be artificial or external (possibly this). The reversal down unnaturally sliced through the opening range’s “lower prior highs,” ignoring any obligatory bounce on the way down to 2430.50.

Legs caused by an artificial catalyst are more easily absorbed. Its sponsorship is a weak-handed reaction to news. Meanwhile, breaking under the 2434.50 bias-down signal during the no-bias environment is “no-bias trending” that requires being retraced at some entirely. That much is being done now, at least up to 2436.00.

Neither of which prevents extending down further or substantially. The overnight probe under yesterday’s lows is no longer isolated to the overnight. This is a problem for the recovery attempt. Entering this afternoon’s bias environment above 2440.00 would suggest that problem is gone.