Mid-day Update… Down, and down.

Fresh lows holding.

Tests of both 2881.50 and 2888.00 bias-down parameters were tested and recovered through 10:15. The recovery extended to attack 2893.00, but no higher. In fact, momentum reversed down.

And down.

What could have been a temporary corrective pullback down to the 2881.50 bias-down target suddenly collapsed 15-16 points to 2866.00. The bias environment was exited under the bias-down target and under the open’s lows, invalidating the morning’s bias signal — and its upside attractions.

Ranging back up to 2875.00 barely avoided triggering bias-down under 2867.50. Although the drop hasn’t extended, it has persisted. This morning’s fresh lows could have been isolated by entering the noon hour above prior lows, but now isolation requires exiting the bias environment above a prior high, like 2884.50. Otherwise, the trend remains down.