Mid-day Update… Down and downer.

The downtrend persists.

Not recovering intraday above 2124.25-2125.00 resistance was likely to probe under Friday’s 2112.50 low. The open didn’t have to actually be at resistance, but it was. And post-open action trended straight down.

The 2111.25 late bias-down target was attacked as the bias environment began lapsing. And it was met as the noon hour was entered. Having probed fresh trend lows, a bottom was free to begin forming.

Or, not.

The next lower target of 2105.00 was just attacked to within 3 ticks. It’s also this afternoon’s bias-down target, yet to be triggered, but it won’t become “unfinished business below” having attacked it to within 3 ticks. And RSIs have been making higher lows — higher oversold lows, but during the noon hour, which doesn’t require a retest.

Back above 2108.75 would start to signal momentum reversing up. The signal was just touched while testing the current bounce limit. If a recovery doesn’t catch, then the next lower targets are 2095.00 and 2082.00.