Mid-day Update… Done day?

Early sellers failed, and now also so have buyers.

Fridays are difficult to start trending, and difficult to stop trending once it starts. Trending attempts must start early, and early attempts that fail tend to be the session’s last opportunity to trend in that direction.

Today’s gap down to 2584.00 probed lower to 2577.00, bouncing to 2585.00 and 2588.00 resistance — yesterday’s last relative low and this morning’s bias-down signal, respectively. Both were still being tested as the bias environment lapsed. Still being tested, not already recovered.

Which leaves the door open for another downleg.

Recovering through the noon hour touched 2596.00, within 3 ticks of yesterday’s cash session close. Its recovery could be firming and rallying through the afternoon. Except that its reaction failed to trigger the 2594.50 bias-up signal.

The 2586.50 bias-down signal was tested, but too late to invalidate the afternoon’s no-bias. The pattern will remain vulnerable to extending down, unless the bias environment probes positive territory.