Mid-day Update… Same bat-template.

Another aggressive downleg.

Almost two hours were spent before the noon hour ranging relatively narrowly between 2254.00-2258.00. Finally breaking lower into noon quickly began probing under the morning’s 2253.25 bias-down target. It was easily exceeded down to the afternoon’s 2249.00 bias-down target. And even that was exceeded during the noon hour down to 2246.50.

The noon hour’s exit and the bias timing window officially exceeded the bias-down target. This would renew the bias-down signal, next targeting 2243.50. But ranging at or under 2249.00 into the noon hour’s exit and the bias timing window deserves some skepticism.

The same template defines the same bullish scenario — that sellers have expended more energy than can be sustained, while fulfilling downside objectives. The template wasn’t fulfilled this morning because the bias-down target never held a test. This afternoon’s setup has the same chance or better. First, a buy signal must trigger, and the nearest one is 2250.00.

The original template otherwise remains in-play — that if the open were to put into play attractions below, then a multi-session decline will begin. Running its course too quickly — especially on Wednesday before a(nother) three-day holiday weekend — may be the only way to counteract the sudden sell-off.