Mid-day Update… Distribution on.

Bearish template remains intact, but window has narrowed.

All of this morning’s bounces reacted down to relevant levels before attempting another bounce. The ongoing failed probes of higher highs has continued tracking the bearish distribution template. The last failure finally produced a fresh post-open low during the noon hour. That should be the template’s final confirmation, although a more liquid timing window is always preferable.

Anyway, now the question is when the pattern resolves down.

And the answer is anytime. Sort of. The template is still likeliest to resolve down during the same afternoon as the morning distribution. But that’s more difficult today. Tomorrow’s Employment Situation report often paralyzes the market with anxiousness.

Also, this afternoon’s 2724.00 bias-down signal is supportive for another hour until the bias environment starts lapsing. Probing under it would be no-bias trending that requires at least retracing.