Mid-day Update…Back into the mud.

Morning slide bounces, to a degree.

The first hour’s slide to 2126.75 held the 2129.75 bias-down target when it mattered, and avoided renewing the bias-down signal. The balance of the morning’s no-bias environment was supported appropriately by 2129.75.

The 2132.50 bounce target was fulfilled just as the bias environment began lapsing. Bounce potential to 2135.75 was fulfilled during the noon hour. Its resistance held.2135.75 is also this afternoon’s bias-up signal. It did not trigger, and this is another no-bias environment. But there is no requirement during the afternoon for this setup to produce an offsetting test of the other bias signal.
This pattern off the lows tends to produce another surge, similar to the noon hour’s entry. Actually trending up to fresh highs — or down, for that matter — is difficult with two high-profile post-close earnings items coming from AMZN and GOOGL.Resolving up would help very much to reduce the ongoing vulnerability of a fresh session low triggering a much greater downleg.