Mid-day Update… Close. So, half a cigar?

Noon hour bounce retraces much of the morning’s plunge.

The open’s 13-point plunge from 2392.00 was retraced to 2390.00 coming out of the noon hour. That triggered the 2388.00 bias-up signal. Already recovering 2383.50 and 2386.00 had suggested the downside momentum had lapsed.

But this morning’s 2391.75 bias-down signal must still be recovered through a relevant window to signal momentum reversing up. So, testing the 2394.25 bias-up target could be bullish, unless its test were reversed back under 2391.75 when the bias environment is lapsing.

Currently, the pre-1:20 high is now being probed, which helps greatly to ensure the bias-up target will become “unfinished business above” if left outstanding. There is meanwhile room to test 2386.00 as support before suggesting momentum may be reversing down.