Mid-day Update… On the cusp.

Noon hour entered at lows.

SPECIAL NOTE: MARKET WRAP WILL BEGIN AT 3:30PM ET, AND I’LL BE AWAY FROM THE SCREENS BY THE CLOSE.

This morning’s noN-bias environment was exited at its 2029.25 bias-down target. The target was never in-play, but it is nevertheless support. And its test has reacted up to test this morning’s 2034.50 bias-down signal by 2-3 ticks.

It is still resistance, and this is now the noon hour.

This is the lower-end of a multi-session range, the relatively narrow range that has been suggesting the rally may be done. Buyers are clearly complacent, but pushing price to the range’s lower-end doesn’t yet prove sellers are retaking control.

There’s room up to this afternoon’s 2039.00 bias-up signal before suggesting sellers aren’t retaking control. This being Wednesday afternoon ahead of a 3-day holiday weekend, not yet breaking the range today would be unlikely to break the range before Monday — making this the range’s lower-end. A break lower would essentially target 2009.00.