Mid-day Update… More to come?

Gap up’s rejection holds.

Retracing the open’s 2448.25 gap up fell to 2440.50 as the morning’s bias environment began. Its reaction up tested 2445.00 and fell to 2438.00 during the noon hour. This afternoon’s 2439.00 bias-down signal held its test to trigger no-bias. And now a bounce is testing  2442.00.

The bounce could extend up to the 2444.00 area, and still be likely to resolve down. This morning’s “unfinished business below” at 2439.75 has been neutralized, so another rally leg can’t be dismissed — back above 2445.00 would start to signal something more substantial underway.

Otherwise, back under 2439.25 would all but ensure extending to fresh lows. And fresh lows at this point all but ensures testing 2427.25-2429.00.