Mid-day Update… A floor?

Opening rally’s failure tests and holds relevant low.

The next lower objective after yesterday was “lower prior highs” at 2749.00. Its multiple tests overnight produced bounces to 2780.00 and 2799.00. And like earlier bounces, 2749.00 was retested again.

Did 2749.00 hold?

Testing and holding 2749.00 during the open would have formed a durable bottom. Isolating its test to the morning’s bias window is less optimal, but would have gotten a benefit of the doubt. Instead, the morning’s bias-down target was still being overlapped at noon. Trading decisively above 2749.00 would have been optimal, but it certainly wasn’t rejected decisively.

But, did 2749.00 hold?

The reaction extended up to 2787.50 during the noon hour. Bias-up wasn’t triggered, but neither was bias-down. Exiting the bias environment beyond either 2760.50-2791.00 signal would be likely to extend in that direction. Higher would be less optimal, but still credible. Otherwise, the decline is likely to resume, as early as today.