Mid-day Update… Digging toward a bottom?

Fresh session lows attacking new support.

The first hour had ranged choppily between 2054.00-2060.00 before launching a surge. It was too late to be sponsored by weak hands. Too late, and too early.

Just at the prospect of surging I had warned already it would be only temporary. Peaking 1 point short of its potential at 2063.50, the surge was retraced back into the 2054.00-2060.00 range.

The consequence of the inappropriately-timed surge was new session low. And now a noon hour drop is testing 2049.00. That’s almost within 1 point of this afternoon’s 2047.75 bias-down target. And the target won’t be put into play if its 2054.00 bias-down signal is recovered at 1:20 (a bounce is probing it now by 1 point).

Meanwhile, another setup may be forming — the Lunch Hour reversal. It is triggered by isolating a fresh session extreme to this timing window. So, recovering noon’s 2056.00 print coming out of the noon hour would presumably reject the interim probe under the morning’s lows.

The Lunch Hour reversal may be today’s last opportunity to launch a rally. Even then, recovering 2056.00 would be allowed up to one retest of the noon hour’s low. Anything lower would point down a lot.