Mid-day Update… Don’t get too comfortable.

Range-bound ahead of the 2:00 Beige Book release.

The first half-hour’s 12-point dive to fresh relative lows at 2402.75 has since consolidated. The 2410.50 minimum likely bounce target was attacked to within 1 tick. The narrowing range has formed a Symmetrical Triangle centered just under 2408.50.

This is a no-bias environment. Trending under its 2404.25 bias-down signal is unlikely, and would be called “no-bias trending” that requires being retraced. So, back under 2405.75 would could still test “lower prior highs” at 2399.00, while being likely to recover.

Breaking lower after the bias environment starts lapsing would still be capable of recovering from 2399.00. But it’s recovery wouldn’t be required, which makes it less likely. Fresh lows can be avoided altogether by rallying out of the bias environment above 2410.50.