Mid-day Update… Gravy.

Extended decline is neutralizing many attractions.

Prior to today, the only required downside was a retest of Thursday’s 2153.50 low. The next lower objective under it was 2147.00-2148.00 This morning’s bias environment tested 2145.00, and the noon hour’s exit touched 2141.50.

The last two lows weren’t required to be tested. But selling pressure has been expended to test them, anyway. A clue to sellers becoming expended is this afternoon’s bias-down that was invalidated — triggering its 2143.50 signal by only 1 tick, and recovering back above it through 1:30.

Exiting the bias environment back above 2147.00-2148.00 would suggest that selling pressure is satisfied. Back above 2151.25 would start signaling momentum is reversing up. Meanwhile, the trend remains down, and fresh lows would next target the 2137.00 area.