Mid-day Update… More backing, less filling.

Failed rally instead of temporary dip.

Although opening strength up to 2181.25 did reverse down as expected, testing 2178.00 as support reacted up to fresh highs at 2184.25. That rally attempt was doomed to failure, since today’s open had not gapped up to overcome yesterday afternoon’s rally not gaining traction. Anyway, probing this morning’s 2182.50 bias-up signal after failing to trigger it was “no-bias trending,” also doomed to failure.

So far, that doom has been limited to retesting the open’s 2178.00 low as support.

Meanwhile, this afternoon’s 2178.50 bias-down signal has avoided triggering. It should define the next hour’s lower-end if retested, similar to this morning’s bias-up signal having defined the upper-end despite being probed by almost 2 points.

Yesterday afternoon’s rally doesn’t require extending higher today, even after the bias environment lapses. Backing-and-filling isn’t required to extend any lower, either. Limitation is the only requirement until the bias environments have lapsed.