Mid-day Update… So far, so bad.

Topping pattern’s restraints are holding.

A shallow gap down that recovers back into positive territory (however high or shallow) that closes slightly positive. That’s the basic form for today’s session that would maintain the potential for topping.

Gapping down to test this morning’s 1986.00 bias-down target avoided triggering the 1992.50 bias-down signal. That has recovered into positive territory to within 1 tick of the afternoon’s 2004.75 bias-up signal.

And now that has reacted down to unchanged at 2005.00-2007.50 (Friday’s cash session and futures closes).

Closing around here would qualify as a slightly higher close, and maintain the potential topping pattern. That’s more than 2 hours away, so another bounce wouldn’t be surprising. Or a deeper dip that barely recovers.

Also possible is a close under 1984.50 pre-open low. While not a positive close, it would form a bearish Pivot Reversal bar — that could serve by proxy, so long as the lower close weren’t so much lower as to borrow future selling pressure.