Mid-day Update… It’s getting worse.

Now retesting Friday’s range.

The open’s drop to 2449.75 had been recovered to test the 2457.50 maximum corrective bounce limit. It was still being tested as this morning’s 11:30 bias environment exit came within view 10-15 minutes prior. And then it was being tested no longer.

That preliminary window trended down into 11:30, and then trended down more. Strong-handed reinforcements were arriving, helping us to anticipate trending down further still. The noon hour’s entry had probed fresh lows, and the noon hour slid through more of them down to 2440.75.

Now the afternoon’s 2449.50 bias-down signal has been renewed by not recovering its 2444.25 bias-down target through 1:20. The renewed bias-down targets are 2440.75 and 2437.50. I identified the first before it was met, and price action since then has ranged flat-to-higher.

A corrective bounce could test 2448.00. Exiting the bias environment above the 2449.50 bias-down signal could launch a short-squeeze into the proxy or position-squaring windows. But the gap back to Friday’s 2440.00 close will need to be filled, which would make 2437.50 likely to be tested, too. And there’s still Thursday night’s Globex lows.