Mid-day Update… First to blink.

Still hovering at recent lows.

Friday afternoon’s retest of Thursday’s low wasn’t going to break lower, not after Friday morning had tried already and failed. That was Friday, and it was due to the “Friday Factors” which are a function of two days of illiquidity bearing down at an exponential pace. Strong-handed sponsorship isn’t changing its recently expressed opinion.

Now this is Monday. The only Monday Factor (there really are none) is that an entire week of liquidity lies ahead. Even if proved wrong later, it’s much easier to generate sponsorship. So, Thursday’s low is vulnerable again to breaking.

The vulnerability to breaking under Thursday’s low has one exception. It is that this morning’s open should have gapped down under it. But it didn’t. The vulnerability is equally matched by the vulnerability to rallying. Buyers are not marginalized.

Neither vulnerability may be exploited today. Having failed to exploit Friday’s support, the vulnerability for breaking lower would become greater. But the path down would still require gapping open under Thursday’s low (and lower). Meanwhile, breaking either end of this afternoon’s 2463.50-2459.25 bias signals before the close would be likely to trend in that direction.