Mid-day Update… Chop, check. Trend?

Distinctly separate gyrations in a narrow range don’t qualify.

The pre-open bounce up to 2391.50 had reversed into and out of the open. It extended to touch the 2384.25 overnight low. Reversing up from there touched the open’s 2389.75 high. That’s enough to qualify the action as being choppy, even without then retracing back down through the noon hour.

The noon hour’s retracement stopped 2 ticks short of touching this afternoon’s 2385.50 bias-down signal. This is a no-bias environment. Testing 2385.50 should define the environment’s lower-end.

More than a half-hour remains in the bias environment, and just drifting higher has room up to the 2391.75 bias-up signal. Back above 2388.00 would suggest that’s underway. And it had better be underway soon, or else risk new sellers exiting the bias environment in a break to new lows.