Mid-day Update… Back to square-one.

Post-open rally retraces the opening lows, almost.

The open’s test of 2704.00 wasn’t recovered through 9:45, creating a position of weakness. So, despite rallying to attack 2719.00, sliding into and out of the noon hour has returned to 2704.00. But only to 2704.00.

2704.00 is this afternoon’s bias-down signal, and it didn’t trigger. Not even after invoking the grace period. And now its reaction has bounced to 2711.00, with room up to the afternoon’s 2716.50 bias-up signal.

Back under 2707.50 would signal the decline is resuming, although 2704.00 should hold its test until the window comes within view of lapsing. Then 2696.00 and 2692.00 would be in-play.