Mid-day Update… Last bite at this apple.

Trying to reject bias-down.

This morning’s recovery from 2818.50 made it to 2837.00 before the bias environment began lapsing. The recovery was retraced down to 2820.50, triggering the afternoon’s bias-down. But the afternoon’s behavior doesn’t seem to know it — A 12-point bounce is testing 2832.00.

The bounce may be only a correction. Of course, this is a very bearish chart point to be expending weak-handed buying pressure. Stretching the rubber band could snap back down very hard this afternoon, to 2805.00 and 2893.00.

This afternoon’s 2819.00 bias-down target is now “unfinished business below.” It can remain outstanding while the bounce extends into a rally. But back under 2824.50 would start to signal the rubber band is snapping back down.