Mid-day Update… Another bite at the apple.

Late-morning surge isn’t backing-off. Or extending.

Not immediately rejecting the overnight slide to 2147.50 had made fresh lows likely post-open. A blip-up to 2151.75 quickly resolved down.

Fresh post-open lows down to 2144.50 had created a new opportunity for rejecting sellers. There wasn’t even a blip-up before eventually extending lower to 2143.50.

Quickly rejecting that last low would still be credible for extending up. In fact, the bias environment ended by surging back up to and through the open’s highs. The noon hour quickly printed 2156.75. And then quickly stopped extending.

An extremely narrow 3-point noon hour range has been choppy, but not trending. Still not trending, after an entire timing window has elapsed since a direction-changing surge. A recovery must be obvious this afternoon to avoid another downdraft. Otherwise, the surge was only a correction that refuels the decline.