Mid-day Update… Hunkering down.

Still absorbing the opening rally’s failure.

Although this morning’s 2858.50 bias-down signal was last touched 3 minutes prior to the open, an offsetting test of its 2868.50 bias-up signal did develop.

Its room for noise up to 2869.50 was pierced by 1 tick as the rally peaked. Its reaction down had collapsed to 2855.00 as the bias window began lapsing at 11:30. The catalyst was apparently more China currency intervention.

Again, there’s no unfinished business above. Resistance that neutralizes buying pressure is being tested and held. And responsive.

None of which has resumed the reversal down. Not, yet. But this afternoon’s 2863.00 bias-up signal wasn’t even attacked. Another corrective bounce to 2866.00 could develop if the decline isn’t trying to resume when the afternoon bias window begins lapsing at 2:30.