Mid-day Update… Digging in, or done digging?

Relevant level holds a retest and a re-retest.

The Globex exit’s setup already told us at the open that this morning would behave bearishly. It collapsed through the first hour attacking 2751.00, then bounced into noon to its 2763.50 corrective target. The bounce was contained by a 61.8% retracement back to session highs, still in the orbit of session lows. That’s a bearish morning.

The same setup could also extend through tomorrow morning. We want to be aware of that if it’s the market’s intent. We also want to know if the market intends to hold its multiple intraday retests of 2756.00, because then the correction may have ended.

This afternoon’s bias-down 2751.50 target was just met to within 2-3 ticks, and its 2757.50 bias-down signal failed to trigger. It failed to trigger after invoking the grace period, a grace period invoked by a signal 1-minute surge yet to be improved, and 2757.50 is still being tested. So, be suspicious — sellers aren’t marginalized. Failing to exploit a recovery from both bias-down parameters would be as bearish as it could have been bullish.