Mid-day Update… Hope springs, again.

Choppy morning struggles to hold above critical support.

The open’s gap down surged back up. Its reaction probed fresh post-open lows down to 2735.75, and that was recovered to test yesterday’s pre-open “higher prior lows” at 2764.00. That’s just short of 2767.00 whose recovery through the close could reverse the trend up. That was also by noon, leaving plenty of time for another downdraft.

In fact, another downdraft has attacked 2754.00 while triggering a late bias-down. That has become suspicious, itself, now that its reaction up is testing 2762.00. The bias-down environment’s upper-end should be defined by its 2758.50 bias-down signal if tested, and it’s being tested. Being a late bias signal helps price action to ignore it.

Exiting the bias environment above its 2767.00 bias-down signal would invalidate the late bias-down. And it would likely squeeze higher through tomorrow’s open. Otherwise, back under 2757.50 would resume the decline.