Mid-day Update… Chop.

Can’t get off the morning lows.

The open’s dip to 2153.25 could have avoided being probed had its reaction produced a break to fresh highs. Fresh highs were probed, but too shallowly and too briefly to reflect strong-handed sponsorship. A reaction down pierced 2153.25.

Not that a bottom has finally formed. Still ranging choppily at session lows, that could extend down to 2152.00 or to the 2148.00 area.

Today’s session wasn’t likely to produce serious selling, and it hasn’t. Post-action ranging has been relatively choppy. Although a rally effort isn’t required, exiting each timing window without yet recovering suggests just makes lower likelier.