Mid-day Update… Bias baggage.

Post-open decline is extending.

The morning’s bearish WedEX influence stepped in front of overnight new highs, a gap up, and a test of the 2575.75 bias-up signal. Downtrending through the open put into play an offsetting test of the morning’s 2567.25 bias-down signal. It was attacked only to within 3 points at 2570.25, so it becomes “unfinished business below”

And that was within the context of a no-bias environment. This afternoon’s no-bias signal also has room down to its 2567.25 bias-down signal just as noise. The attraction helps. In fact, fresh lows just printed 2568.75.

Could this develop into a deeper, protracted decline? A durable top is unlikely — expirations don’t usually end a trend, and there’s still a requirement for one more new high close. But reversing two overnight rally attempts to close negative could keep selling pressure active through Wednesday’s open. Last week’s “lower prior highs” around 2562.00 could be tested.

First things, first. Trending down to 2567.25 remains intact so long as 2572.75 isn’t recovered. Coming to within 3 ticks at 2568.00 would lower the buy signal 1 point to 2571.75. This morning’s WedEX influence is moot, so potential for rallying into the close can’t be discounted.