Mid-day Update… False bravado.

Bias-down rally underway.

This afternoon’s bias-down triggered under 2699.25. Its 2691.00 target was met already to within 3 ticks during the noon hour. It’s still an objective, but won’t become “unfinished business” if left outstanding.

Fresh lows through the bottom of the hour would have reinforced the bias-down. Back above the 2699.25 bias-up signal through the bottom of the hour would have invalidated the bias-down. Neither happened.

Regardless, this pattern has potential for a bias-down rally anyway. Which seems to be developing, now probing fresh session highs up to 2708.00. Trending above the bias-down signal during a bias-down environment is sponsored by weak hands, and doomed to failure.

The bias-down rally’s objective remains 2715.50, and the likely resolution is the same as at this morning’s test of 2695.00-2697.00 — to reverse back down. Retesting 2699.25 and then extending higher would no longer be sponsored by weak hands.