Mid-day Update… Hanging out, by a thread.

Open’s drop is getting a little too comfortable.

Already testing 2712.00 before the open — well under this morning’s 2724.00 and 2718.00 bias-down parameters — had expended a lot of energy. But it apparently earned follow-through, and post-open reinforcements pushed lower to 2703.25.

That was the first half-hour. The balance of the session has ranged sideways. The first reaction up exceeded its 2714.00 target by nearly 2 points before reversing back to the open’s low. The next reaction up attacked 2713.00, and blipped-up even higher momentarily as the noon hour was ending. But now the 2703.00 is being attacked again.

The constant support and descending resistance forms a Descending Triangle, except that it doesn’t — I don’t begin my patterns at gaps open. But the pattern isn’t accumulative. And while a recovery today is possible, it won’t be credible from under 2714.00, unless a probe of fresh lows is rejected first.