Mid-day Update… Anchor outweighed?

Sliding through lower objectives and support.

Buyers expended a lot of effort this morning to avoid negative territory. The resulting isolation setup could have launched a multi-session rally. But it was never any more productive than simply to avoid negative territory.

And meanwhile, the 2248.75 bias-up signal held its test to avoid triggering. That put into play an offsetting test of the 2242.00 bias-down signal.

The isolation setup can still be effective. From testing 2242.00 and now the afternoon’s 2240.50 bias-down signal, which has extended down to 2239.50. The noon hour is allowed a little more room for noise. And the the noon hour dismiss the low’s oversold RSIs from requiring a retest.

Currently, a bounce is testing 2243.00 as resistance. The nearest buy signal would be triggered above 2244.50. Otherwise, triggering the 2240.50 bias-down signal may be much more productive than the bias-down target implies.