Mid-day Update… Down for the count.

Bias-down target still holding, still not rejected.

Actually, this morning’s 2053.50 bias-down target’s test to within 1 tick did react up sharply. And a lot. All the way to 2063.75, which was last night’s high. And that reacted down sharply, too, also a lot. Back down to within 2 ticks of 2053.50.

Ranging relatively narrowly at the low has defined the noon hour. And soon the noon hour will begin lapsing. Recovering to trigger the afternoon’s 2061.00 bias-up signal would suggest fresh lows are off the table. Bounces otherwise should be limited to 2060.00.

Tomorrow afternoon’s FOMC policy statement is still far enough away that its influence is limited. Anxiousness ahead of today’s post-close AAPL earnings are probably more relevant. Potential down to Thursday’s “lower prior highs”around 2048.00 remains alive.