Mid-day Update… Groundwork.

Support defended, drop retraced.

Sliding, collapsing and ultimately plunging ahead of the open probed yesterday’s low, and recovered. Yesterday’s low had held 2814.50, which this morning’s open tested, and recovered. This morning’s bias-down parameters triggered, and were tested, and now recovered.

Buyers have absorbed a lot.

Now this afternoon’s 2835.00 bias-up signal has been tested. Thoroughly. It failed to trigger, either way. It wasn’t exceeded to trigger bias-up, and it wasn’t rejected at both 1:20 and 1:30 to trigger noN-bias. Its target above isn’t in-play, and it’s not required to hold as resistance.

That said, a pullback to 2824.50-2827.50 is possible while still being only a temporary pullback. Regardless, closing above 2835.00 is the minimum level for any reliability to react favorably tomorrow and extend back to the highs. But greeting payrolls from too deep of a pullback would re-open the room down to 2805.00 and 2793.50.