Mid-day Update… Digging deep.

Did they strike buyers?

This morning’s opening action warned early that it could become a dry cleaners morning. And when neither bias signal had been touched by 10:15, the balance of the morning edged its way back down to the open’s 2291.75 low.

2291.75 was also the overnight low, which held through the open to suggest that sellers weren’t going to retake control. That didn’t prevent piercing slightly lower during the noon hour, and then dipping to 2289.50.

But this afternoon’s 2290.75 bias-down signal did not trigger. It also didn’t hold. It was still being tested at both 1:20 and 1:30 to trigger noN-bias. Sellers still haven’t taken control — digging deeper and deeper has been more an effort to attract strong-handed buyers.

Back above 2293.00 (being tested now) would suggest that the drop had dug deep enough. Rallying back to overnight highs would be likely. Otherwise, digging any deeper for sellers could need to dig steeper, too.