Mid-day Update… Game on! And off. And on!

Morning plunge further suggests that selling is widening.

NOTE: I changed the bias-up target from 2819.50 to 2811.50 based on the noon hour’s exit.

This morning’s choppy opening only got choppier, heading back down to a retest of its 2817.50 bias-down signal. A re-retest, since it had been tested already both pre-open and post-open. Probing under it would be no-bias trending that requires a retracement UNLESS the bias environment lapses under its 2710.75 bias-down target.

Which it did. On the way to sharply lower lows at 2791.75. Much earlier it had become likely the correction day was surely done, and last week’s distribution had resumed.

A corrective bounce was triggered above 2794.00 that became a bias-up. Touching its 2811.50 bias-up target is now reversing down. But this is still a bias-up environment, so testing its 2804.00 bias-up signal should define the window’s lower-end. Or be retraced unless the window lapses under its 2789.75 bias-down signal — under the signal, not its target, since the bias-up target is met.

Regardless, yesterday’s corrective session seems to be done. A retest of Monday’s low under 2790.00 is likely, and then 2770.00. That was a lot of distribution last week, and its next downleg should be more difficult to mask.