Mid-day Update… Dry cleaners day?

The morning’s warning might also apply this afternoon.

Three of the first hour’s five 15-minute checkpoints overlapped the same relevant level, being Friday’s 2049.00 cash session closing equivalent. That suggested sponsorship was lacking, and that choppy ranging would be likelier than trending.

The dry cleaners morning only narrowed its range. Only after the bias environment began lapsing at 11:30 was trending attempted again. The reaction down from 2051.25 did pierce the morning’s low by 3 ticks down to 2045.75. But it hasn’t extended.

Fresh lows remain likely to test Thursday’s lower prior highs at or under 2039.50. At least a retest of overnight highs could be signaled above 2050.50. But there’s no requirement for either, so a dry cleaners afternoon can’t be discounted.