Mid-day Update… Buyers balk.

Morning rally officially rejected.

A fresh high above the 2730.00 bias-up target’s initial test held its 2732.25 resistance. Reversing down from there through the bias environment exit tested 2724.00. Fresh session lows during the noon hour at 2719.25 were recovered up to 2724.50 before entering the bias environment.

Rallying today is still unlikely, so the most bullish scenario may be flat-to-higher.

Flat-to-higher may also be the likely scenario, bullish or bearish. Trending into negative territory after maintaining positive territory is difficult enough. More so after fresh session lows already recovered one probe. More so after triggering no-bias. And more so being a Friday afternoon, which is difficult to attract new sponsorship.

Probing fresh lows during the no-bias environment would still be credible for down to 2716.00-2718.00, but require being retraced. Flat-to-higher up to 2728.50 or 2730.50 would be likelier if still not probing negative territory when the bias environment is lapsing.