Mid-day Update… Down with down!

Today’s market Wrap is one hour early at 2:55 ET.

[I’m away from the screens for the last hour, following the Wrap.]

The inverted morning-long rally (I’m sure there’s a simpler name for that) extended down through the bias environment’s exit. From the 2072.75 overnight high to the 2069.25 open, down to the 2038.25 low, a lot of selling pressure was expended.

And S&Ps are still above yesterday’s prior low.

After two days of stiff upper-lip into the widely-telegraphed historic rate hike, which prompted a surge — all ahead of quadruple witch expiration — a pullback can be dismissed. Pulling back under any conditions without actually signaling the rally was inverting could not have been dismissed.

So, while this afternoon is a no-bias environment, this, too, shall lapse.

If price action continues hovering at or under the 2050.50 bias-up signal, then trending up out of the bias environment would be entirely credible for extending higher through  the close. Exiting the bias environment in decline would still have room down to Tuesday’s 2030.00 low before suggesting the trend may be reversing down.