Mid-day Update… Another gasp.

As bearish as bullish… but not in a straight line.

Gapping up to yesterday afternoon’s 2777.00 bias environment high would have been bullish, if maintained. But it was barely touched before trending back down through the opening 15 minutes of volatility. That’s not a bullish behavior after gapping up to resistance.

As bullish as the setup would have been, it could be as bearish. And it has been pretty bearish.

The morning’s 2752.00 bias-down signal was tested before entering the noon hour. And that window extended down to within 1-2 ticks of yesterday’s 2732.00 cash session close equivalent. Already 10 points under this afternoon’s bias-down target, it reacted up 33 points to 2755.00.

Apparently that was an obligatory bounce. Now the 2742.25 bias-down target is being retested, after triggering late bias-down. It’s too late to renew the signal, but it’s still a bias-down environment, and otherwise free to extend the decline. It’s also under 2749.00, which probably breaks hard today if not recovered through the close.