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

Early upside momentum fails.

Holding a test of this morning’s 2721.50 bias-down signal had put into play an offsetting test of the 2730.75 bias-up signal. There was really only one attempt, and got to only 2727.00. The objective becomes “unfinished business above.”

Now the Friday afternoon crowd is in charge.

The morning’s consolidating was supported by its 2721.50 bias-down signal until the bias environment had fully lapsed at noon. And then the landscape changed. A drop to the afternoon’s 2718.00 bias-down signal held through the 1:20 bias timing window, invoking the grace period. The 1:30 bar was still overlapping it to trigger noN-bias. The same bar was also probing under the morning’s 2717.50 lows.

noN-bias doesn’t require testing the 2712.00 bias-down target, but it can. I’m treating it that way unless the bias environment is exited back above its 2718.00 bias-down signal. An attempt to trend down already failed this morning, which often defines a defensible low, so any recovery could be substantial.