Mid-day Update… Getting over it.

Disappointment becomes complacency.

The premise for anticipating this morning’s drop was a general disappointment in not having extended the rally overnight. Opening at the 2799.75 overnight lows bounced once, then fell to fresh lows at 2795.75. Its reaction up to 2803.00 avoided triggering bias-down.

Apparently, the disappointment lingered, as the bias environment’s exit probed fresh low at 2793.75. Its reaction only attacked 2802.00. Neither bias signal was tested, so no-bias triggered.

Enthusiasm hasn’t yet become the dominant sentiment again. If the bias environment exit isn’t extending down, a probe of fresh highs remains likely. Meanwhile, the market seems hesitant to rally among government-shutdown headlines that are swirling about.