Mid-day Update… By default.

Gap down held, but recovery holding back.

The late push to fresh overnight lows at the 2440.75 bias-down target had to prove itself, or else fail. It failed. Back above 2442.25 quickly signaled the drop lacked sponsorship. But trending higher through the morning never proved there was sponsorship for a recovery.

Chipping away at the 2446.00 bias-down signal’s resistance wasn’t actually probed until the bias environment had begun lapsing. But then only to attack 2448.00 into the noon hour. And RSIs returning to their upper-end was repeatedly stopping short of becoming overbought. Strong hands weren’t buyers.

Dipping during the noon hour tested this afternoon’s 2443.00 bias-down signal — both at 1:20 and at 1:30. Bias-down avoided triggering, but it also avoided holding. This is a noN-bias environment, which often clings to the bias signal before breaking it anyway. Regardless of its timing, a break to fresh lows testing 2438.00 is possible, unless the bias environment were exited in rally mode attacking 2446.00.