Mid-day Update… Getting serious.

Two 30-point plunges in 10 hours seems to have a message behind it.

Actually, the second plunge was 33 points. The 30-point plunge had produced the 2690.25 overnight low. Bouncing 19 points into and out of the open was not unimpressive, but it’s all relative, and peaked upon retracing 61.8% of the first plunge. The second plunge slid into the noon hour’s 2676.50 low.

That’s about 55 points under Friday’s close. And it expends a lot of selling pressure. It fulfills a lot of selling pressure, too. The morning’s bias renewed the bias-down target next targeting 2679.00-2683.50. And it comes within 1 tick of this afternoon’s 2676.25 bias-down target.

The market seems to have noticed all of the selling pressure, and the relevant levels being tested. The noon hour reacted up to 2691.50. And its 11-point reaction down extended too late to trigger a late bias-down, holding the afternoon’s 2683.50 bias-down signal.

Bias-down narrowly avoided triggering. And the 11-point reaction down is now probing under the 2683.50 bias-down signal. I’m giving sellers a benefit of the doubt for at least a fresh low, if not also to extend the drop this afternoon or tomorrow. But since they’re already trying, they had better succeed. Otherwise, exiting the bias environment back above 2695.50 could extend sharply higher.