Mid-day Update… Compensating for the delay.

Prior lows melt away.

So long as this morning’s bounce didn’t exit the bias environment above its 2441.00 bias-up signal, it would be only a temporary delay. And its 2426.00 bias-down target would be “unfinished business below.” The 2433.00 bias-down signal had triggered, and it wasn’t invalidated.

I don’t know what catalyst accounts for there still being any semblance of support at 2430.50, after having chipped away thoroughly at it last week. Regardless, the template indicated that returning to it would break sharply through it. That didn’t happen at the open, but it has happened this afternoon.

Testing fresh lows at the afternoon’s 1:20 bias timing window soon collapsed to 2421.00. Oversold RSIs at the low require at least its retest after bouncing. Which its reaction is now doing, back up to attack 2426.00.

A recovery today is unlikely under any circumstances, although it seems this afternoon’s drop is a reaction to headlines about delaying the Senate healthcare plan procedural vote. Not bottoming on the low’s retest would next be attracted down to 2415.50 and lower, potentially to 2399.00.