Mid-day Update… Down, but holding up.

Late-morning slide still hovering above yesterday’s highs.

The 2755.00 bias-up target had been probed up to 2762.00 during the open. But it was only being overlapped at 10:15 which didn’t renew the bias-up signal. The earlier high was attacked to within 1 point, and already drifting lower when a headline (Rubio’s buyback tax proposal) triggered a steeper, deeper slide to 2748.00.

Exiting the bias environment above 2755.00-2757.00 would have gone a long way to suggesting the bear market rally was something more. Reacting down instead doesn’t default to being bearish. Two more timing windows have now elapsed without even probing back into yesterday’s range.

Hovering above yesterday’s range is potentially bullish, but optimism becomes “ineffectual optimism” as more time elapses without exploiting the posture.

The noon hour ranged back up to 2753.00, which is being tested now. The afternoon’s no-bias environment could test its 2757.00 bias-up signal just as noise. But back under 2749.50 would start to signal that buying pressure was fully expended, and another downleg was getting underway.