Mid-day Update… Early to rise, early to bed.

Morning’s fresh highs largely retraced.

The overnight rally had extended to attack 2824.00 where the open surged to the 2830.75 renewed bias-up target. A dip to 2825.25 support recovered momentarily to 2835.00, then reacted down into the bias environment lapsing.

And down to 2821.00 into the noon hour. And down to 2815.00 before the noon hour lapsed. Now down to 2813.00 as the afternoon bias environment begins.

That’s a lot of selling pressure to be expended, and the market is still 7 points positive. Nothing prevents that from turning negative, or deeply negative — today’s bounce was going to be only a temporary detour before it even began. But it is difficult to expend that much selling pressure by this late in the day and still to remain in positive territory.

This afternoon’s no-bias signal was invalidated by breaking under the 2819.50 bias-down signal at 1:30. Support at 2811.25 is being attacked, and its break would start to suggest much bigger selling pressure is becoming visible. Exiting the bias environment back above 2819.50 would allow a bounce into the close.