Mid-day Update… Hope springs a leak.

Early anticipation finds late sellers.

The ongoing pattern remains active, if not overactive. Abruptly rejecting the latest rally effort didn’t wait for post-open strength. The 2179.00 open’s gap up was reversed immediately, back down to yesterday’s 2177.50 close, and through it to 2170.00.

This morning’s 2171.75 bias-down signal needed to define the range’s lower-end. Essentially, it did. The pre-open restrained optimism and post-open immediate pessimism didn’t gain traction. They’re still potentially bullish from a contrarian perspective.

None of which requires an immediate recovery, or prevents extending lower. Not resolving Monday’s 2171.00 lower objective would have made its break likely Tuesday to compensate for the delay. Not resolving it Tuesday makes its test likelier to hold since Tuesday created a better anchor above. An afternoon rally remains possible, if not likely, so long as this morning’s lows hold.