Mid-day Update… Hope springs, or quick sand?

Clinging again to Friday’s lows.

This morning’s 2583.00 low qualifies as a retest of Oct’s 2603.00 low. Oversold RSIs at this morning’s low will want to be retested, as they did at the prior low. That took two months, and might take awhile this time, too — if the afternoon bias environment can extend the noon hour bounce.

Otherwise, this morning’s lows can be broken this afternoon, and probed through tomorrow morning.

This morning’s last downleg had aggressively entered and exited a Falling Wedge. And now the wedge has been retraced, attacking the origin of this morning’s last downleg. The bounce can extend higher through the bias environment, and potentially form a bigger bottom. Otherwise, not extending higher through the bias environment would make the noon hour bounce only a temporary correction.