Mid-day Update… Dragging it out.

Fighting the downdraft.

This morning’s failed gap didn’t resolve very differently from yesterday’s. Post-open action collapsed, immediately instead of being delayed. And the bias environment contains the low, albeit a half-hour later. But these distinctions are not differences. So, the second consecutive failed gap should still deviate its course from yesterday’s path.

Which probably means either recovering to rally through the afternoon, or else resuming the decline. The latter is likelier since this morning left “unfinished business below” at 2465.00. There’s one bullish element: This session has traded almost exclusively in positive territory. Still, this afternoon has triggered no-bias, so rallying won’t be credible until breaking above its 2476.50 bias-up signal through 2:30.

Meanwhile, back under 2472.00 and 2469.00 would signal the post-open decline had resumed. And the timing at this stage of the pattern would be difficult to prevent fresh session lows from extending.