Mid-day Update… Holiday hold-up.

Volatility missing along with volume.

A choppy, albeit narrowly ranging morning held between 2878.00-2884.00 until the noon hour. Nothing much changed except to test the afternoon’s 2877.00 bias-down signal, which held. This is a no-bias environment.

This afternoon’s no-bias window inhibits extending down to this morning’s lower objectives at 2771.00 and 2864.75, as 2877.00 should define the window’s lower-end. Breaking lower before the bias window begins lapsing would be “no-bias trending” that requires being retraced. Breaking lower any later would be free to extend.

Meanwhile, today’s lower volume keeps the pattern vulnerable to another bounce, for the same reasons it inhibits trending. Another bounce would target a retest of the morning’s highs while still being likely to resolve down.