Mid-day Update… Cauterized, not caught.

Morning’s slide stops, but doesn’t reverse.

Despite having been probed by nearly 4 points, this morning’s 2804.00 bias-down target held through 10:15 to avoid renewing the bias-down signal. It held a retest through 10:30, too. Often that will define the bias environment’s lower-end, which it did again, bouncing back up to the 2811.00 bias-down signal.

The noon hour dipped back down to 2804.00. Perhaps an even deeper drop was underway — if not also triggering this afternoon’s bias-down and resuming the morning’s decline — but for Trump’s interest rate comment triggering a knee-jerk reaction. The reaction happened to be up, it might as well have been down. In fact, it was retraced entirely almost immediately. Regardless, it crowded out the organic move already underway.

Now this afternoon has triggered no-bias by holding this afternoon’s 2805.75 bias-down signal. There’s room back up to the 2813.25 bias-up signal, and 2811.00 is now being retested. Back under 2807.50 would start to signal the decline was resuming anyway.