Mid-day Update… The end is near?

Extension retraced, and possibly reversed.

This morning’s bias-up environment eventually resolved up through 2660.00 to probe fresh highs up to 2672.25. Reversing down into the noon hour was corrected coming out of the noon hour, but that didn’t prevent triggering late bias-down. Now the afternoon’s 2650.00 bias-down target is already being met.

2650.00 is also potentially holding. And why not. It satisfies selling pressure, which often requires attracting reinforcements to extend the decline. But attracting any sponsorship is difficult during the afternoon before the Employment Situation report, which often paralyzes price action with anxiousness. In fact, its reaction is now testing 2659.00.

Having probed well above it, now closing under 2660.00 would not greet tomorrow’s report from a position of strength. Meanwhile, closing under 2644.00 would all but ensure resolving down tomorrow. Dipping back under 2653.00 would start to signal at least an attack on 2644.00 underway.