Mid-day Update… Another shoe?

The market is behaving quite anxiously.

Optimism seems to have been sucked entirely out of the market. The post-open surge had stretched the rubber band, only to snap back down. Hard. The morning’s 48-point drop from 2508.00 to 2460.50 was retraced by 38.2% up to 2480.50. Its reaction fell 45 points to the noon hour’s 2435.25 low. A 61.8% bounce attacking 2460.00 has dipped back down to hover at 2442.00.

Exceeding this afternoon’s bias-down target through 1:20 has renewed the bias-down signal, effectively targeting 2432.25. Also, the bearish WedEX influence has begun.

Currently, the 2460.00 bounce’s reaction down to 2442.00 has grown eerily silent. Again. Stability at this stage of this pattern is not to be confused as strength. A fresh afternoon high could rally again, but there’s nothing accumulative about the pattern.