Mid-day Update… Digging deeper.

Noon hour lows not recovering.

This morning’s noN-bias environment only ranged choppily, which is normal. But when the environment came within view of lapsing, the ranging persisted. And when the environment began lapsing, the range persisted. Extending the overnight recovery was becoming less and less likely.

In fact, a break lower into the noon hour fell 7 points to test the setup’s 1286.25 target. Isolating the probe to the noon hour could have been as bullish as the overnight dip’s isolation could have been. But neither seems to be. This afternoon’s 1289.75 bias-down signal triggered, and an attempt to invalidate it just failed.

Trending aggressively would be unusual ahead of tomorrow morning’s Employment Situation report. So, while a recovery today may not be likely, a bottom today is still possible. But bottoming at all isn’t required, as that needed at least to greet Payrolls already in rally mode.