Mid-day Update… Backing-and-filling.

Morning’s target launches steep reversal down.

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Still overlapping this morning’s 2730.00 bias-up target prevented renewing its signal. It was still a bias-up environment, and its 2737.00 renewed bias-up target was met anyway. And touching it at the morning’s high reacted back down to 2730.00 as the bias environment began lapsing.

The noon hour broke lower, coming to within 1 tick of this afternoon’s 2722.00 bias-down target. The low’s oversold RSIs formed as the noon hour was lapsing, so it doesn’t require a retest. But back under 2724.75 would start to signal the low’s retest underway. It’s still a bias-down environment, so perhaps deeper.

Meanwhile, the open’s 2728.00 gap will want to be retested after having retraced back into a prior session’s range. The reaction up from attacking 2722.00 has come to within 1-2 points. Neutralizing its attraction and then triggering a sell signal would be more vulnerable to extending down further.