Mid-day Update… Circling.

Attraction below, repellent above.

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The bias environment’s 16-point slide down to 1920.50 has been retraced by 61.8% up to 1930.00. That’s the noon hour’s high, so far. That bounce peaked early in the noon hour, reacting down since then to 1924.00, so 1930.00 is the noon hour’s high, probably.

I’m making a big deal about 1930.00 being — or, not being — the noon hour’s high, because it might determine probing fresh session lows today. Just attacking the noon hour high above 1928.75 would start to target 1931.50, this afternoon’s bias-up signal. Triggering it could marginalize sellers for the delay.

Regardless, the pattern since this morning’s low is not accumulative. So, any rally it might launch would be likely to fail. Extending down this afternoon to fulfill the 1918.00 objective could at least coincide with the end of artificial pre-Yom Kippur selling pressure. Bouncing, first, would be equally suspicious.