Mid-day Update… There it is.

Bias environment lapses, volatility expands.

The “dry cleaners morning” held 2671.00 resistance through the open and well into the bias environment. Already reacting down before the bias environment came within view of lapsing, the open’s 2667.50 low was probed several minutes prematurely. It extended down anyway to touch the morning’s 2664.50 bias-down signal.

A bounce retested the premature portion of the break up to 2668.50, and then another slide began at noon. Extending down into the afternoon bias environment has tested and retested 2661.25. But the 2663.50 bias-down signal didn’t trigger, either way. This is a noN-bias environment.

Not a bias-down targeting 2657.50, although that’s the next likely objective if the drop extends. And not a no-bias likely to define this window’s low by the 2663.50 bias-down signal, although that’s how many noN-bias environments behave.

The latter happens often, and occasionally resolves in sort of a delayed bias-down. So, just hovering at or around 2663.50 until the bias environment starts lapsing — which has been the case so far this afternoon — could exit the bias environment as if the bias signal were triggering. So, fresh lows testing 2657.50 can’t be dismissed.

Recovering 2664.50 would start to signal momentum reversing up. Don’t forget that while this environment remains likely to try trending either way, it’s not yet any likelier to succeed either way. And there’s still unfinished business above at 2677.75.