Mid-day Update… A late break.

Morning’s support being tested.

The 2625.00 post-open low was well above the overnight low.

But it held a test of Tuesday’s late low. And so did a mid-morning drop, after an interim bounce attacked 2641.00. Oh, and this is Friday.

Usually, Friday’s sponsorship is evident by the morning’s end. If trending is attempted, then either it is successful, or it is not. And if not, then that sponsorship is done for the day. It’s a function of Friday Factors, which are behaviors specific to two days of impending illiquidity.

So, breaking under 2625.00 as this morning’s bias environment lapsed was unusual. The dip tested 2610.00 and avoided triggering this afternoon’s bias-down. Which hasn’t prevented a fresh low from testing 2607.50.

The late decline is credible, this being a Friday. If the decline is valid, then it could be substantial — not only down to this afternoon’s 2603.00 bias-down target and Monday’s 2588.00 low, but potentially much lower into and out of the weekend. Absorbing the late extra dip back above 2622.00 would still have potential back up to positive territory.