Mid-day Update… Down, but out?

Still scraping session lows.

Having held a test of the 2906.50 bias-down signal this morning, an offsetting test of its 2914.50 bias-up signal was put into play. With a lot of caveats. It was a late signal, the bias-up signal had been tested already, actually both bias-up parameters had been tested and rejected.

But the late no-bias was still good for a bounce up to 2911.00. And the 2906.50 bias-down signal held until the bias environment began lapsing. Then it was probed into the noon hour down to 2900.75. That’s within 1 tick of Monday’s low.

The afternoon bias environment signaled no-bias. Its 2903.75 bias-down signal is being tested now as support, and should define the window’s lower-end like this morning’s 2906.50 bias-down signal did for its window. Probing lower prematurely would required being retraced, but the decline is free to resume unimpeded by 2:30.

Bouncing would still target 2914.50, although its test isn’t required. And probably also the 2923.00 opening print, although it can remain unfilled without impeding a decline.