Mid-day Update… Getting a little too comfy.

REMINDER: MARKET WRAP BEGINS AT 3:33pm ET.

This morning’s drop ultimately touched 2263.25. This allowed room for a corrective bounce up to 2271.00, which was touched before noon. It has yet to be exceeded, which would essentially target 2278.00.

And there is no requirement to bounce any higher.

The only requirement to bouncing higher is to start bouncing today. But sideways ranging through the noon hour has avoided extending higher. And despite this afternoon’s no-bias environment having room up to its 2275.75 bias-up signal, its 2266.00 bias-down signal is being attacked.

Oversold RSIs at the 2263.25 low require its retest, eventually. That would be the likely objective if 2266.00 were probed during the no-bias environment. It would be an objective if probed after the bias environment begins lapsing, but could also give way to a new downleg that resumes the decline.

Meanwhile, back above 2270.50 would start to signal a bigger bounce underway, regardless of the delay.  And delaying the recovery — even if oversold RSIs were left outstanding — could still produce new highs.