Mid-day Update… Corrected.

Bounce into the afternoon relieves oversold condition.

This test of 2808.00 gradually grinded its way down to 2803.00, just 1 point short of its room for noise. Bouncing into the bias environment’s exit easily recovered 2808.00, so that’s one test held.

The bounce extended through the noon hour exit. Its minimum likely objective of 2818.00 was probed by 1 point, but held the 2815.00 bias-up signal to trigger late no-bias. Its reaction down is now testing 2811.00, with room to the 2806.75 bias-down signal during the no-bias environment.

Until the bias environment starts lapsing. Or sooner, as no-bias trending.

One or the other (or both) is likely. Whether to extend the decline into something more durable, or to hold another test of 2808.00, bouncing out of the bias environment isn’t likely. Back above 2818.00 could start behaving bullishly, but a test of 2802.00 remains likelier.