Mid-day Update… Bottoming already?

One target met, and not extending lower.

Two pieces of unfinished business below greeted today’s session. Thursday’s oversold RSIs at 2253.00 required a retest, as does the prior week’s 2248.50 low.

This morning’s drop probed 2253.00 once down to 2251.75. No deeper, and for no longer. No lower objective was put into play. Not even 2248.50, although it wouldn’t have been unusual to extend down to it.

Not unusual, perhaps, but also not today, probably. The 2256.75 bias-up signal didn’t trigger, not even with the grace period. It also didn’t hold. Rather, it was still being overlapped to trigger noN-bias. A surge is now testing this morning’s 2261.50 bias-down signal as resistance.

Back under 2257.50 would start to suggest this surge is too late to gain traction, let alone to extend higher. The next lower objective under 2248.50 would be likely. Otherwise, there’s still room up to 2266.75 before signaling a bigger rally underway, targeting new highs.