Mid-day Update…

Pre-open break retraced only by proxy.

The likelihood for retracing the late pre-open break from 2727.25 is diminishing as this afternoon’s bias environment starts attacking the morning’s 2707.00 low. The interim bounce was still somewhat successful, probing back above the open’s highs. Also, its 2722.00 peak retraced 61.8% of the pre-open portion of the late break.

And now triggering this afternoon’s 2715.00 bias-down signal makes the decline more reliable. And retesting this morning’s low so soon makes its support less reliable. Extending any lower could target Tuesday afternoon’s 2691.00 “lower prior highs.”

A path higher remains possible, since retesting this morning’s low would also neutralize the required retest of its oversold RSIs. And this afternoon’s 2707.50 bias-down target has been met already, satisfying its selling pressure. So, a quick reaction up that recovers 2713.75 could shift sentiment very quickly to optimistic.