Mid-day Update… Another door opens?

Afternoon bias-down is on thin ice.

The open’s rally to 2675.00 was retraced to 2646.00. Its reaction into the noon hour nearly retraced the drop up to 2674.00. That was retraced entirely back down to a lower low at 2640.50, retesting the 2641.25 opening print, and yesterday’s 2643.00 close.

Bounces are failing, but positive territory is holding.

This afternoon’s 2656.75 bias-down signal triggered cleanly after already having fulfilled its 2651.25 bias-down target. Regardless of having tested and now also retested the bias-down target, probing back above the bias-down signal during the bias-down window would require being retraced.

And the bias-down signal is being probed as resistance now.

Slow-playing a recovery for now is the best chance to rally when the bias environment lapses. Otherwise, exiting the bias environment under its 2651.25 bias-down target is the best chance to resume the decline targeting yesterday’s low.