Mid-day Update… A better try.

Post-open dip extends, temporarily.

The overnight rally to 2390.75 had been retraced to open at yesterday’s late 2386.00 high. Dipping from there attacked 2381.00 where yesterday’s FOMC statement had been greeted. The balance of the morning ranged sideways.

Plunging into the noon hour attacked yesterday’s 2375.50 to within 2 ticks. Just coming to within 3 ticks has neutralized the attraction to yesterday’s oversold RSIs. But it’s far from optimal, since the low’s “V” bottom is often retested. And that low also has room to be probed down to 2374.00 and 2371.50.

Bouncing 8 points slipped back only enough to attack this afternoon’s 2381.75 bias-down signal to within 1 tick at 1:20. It continued holding at 1:30. No-bias triggered.

No-bias isn’t preventing probing under the bias-down signal. Back above 2384.25 would signal a bigger bounce underway. Otherwise, whether during the no-bias environment or after it, there remains potential to retest this week’s lows.