Mid-day Update… Some habits die hard.

Another singular steep intraday dip.

Last week’s sessions each included a singular, steep dip. Nothing is odd about there being one here and there. Little is odd about retracing it entirely. But each of the four sessions dipped, and each session was recovered entirely. (Almost all — one was recovered almost all the way.)

Monday’s breakout skipped the pattern, but didn’t break it. At least, not insofar as the dip, since the noon hour has plunged 9 points down to 2357.50. But its reaction up to 2363.75 is still several points short of a complete recovery.

A recovery wouldn’t necessarily be bullish. It would have to become a reversal and close well into positive territory to confirm yesterday’s breakout. Which wasn’t the likeliest scenario, anyway.

Meanwhile, a test of this morning’s 2372.25 bias-up signal became “unfinished business above”. Plunging just 30 minutes earlier could have invalidated the objective, but now it requires a test. Which is likely today or tomorrow so long as 2361.00 holds as support.