Mid-day Update… Cornering.

Morning forms Pivot Reversal setup.

Yesterday’s last-minute surge had originated too late to be sponsored by strong hands. It wasn’t bullish. It may have been bearish, by making a gap down easier, and easier to absorb.

Absorbing a gap down is bearish?

Absorbing the gap down was reversed it to probe back above yesterday’s late high. That’s not bearish, unless rejected. And this morning’s recovery was rejected.

Exiting the bias environment under the open’s low at 2180.50 has trapped weak-handed buyers. This setup often launches a reversal. Entering the noon hour under the bias environment low would have been helpful, but that didn’t happen.

The noon hour did probe fresh lows down to this morning’s 2177.75 bias-down signal. Its reaction up to 2182.00 has avoided triggering bias-down again today. Back above 2182.00 could retest this morning’s high up to 2187.00, just as noise. Sellers are already entrenched.

Back under 2170.00 would signal the decline is already resuming. At this stage, that could be very bullish, instead.