Mid-day Update… Last bite.

Morning recovery gets pushed back.

This morning’s 2633.75 low had tested the decline’s 2635.00 target, then reversed up through the decline’s 2654.00 prior target (also the opening print) to 2668.50. Quite a day, and that was only its first 90 minutes.

Reacting down to 2648.75 bounced to the noon hour’s fresh high at 2670.25, which reacted down even more deeply to 2643.25. Meanwhile, the afternoon’s bias-down triggered and its target was met.

Now one more bounce is testing the afternoon’s 2653.00 bias-down signal as resistance. Any higher would be “no-bias trending” that requires being retraced, unless the bias environment were exited above the 2666.00 bias-up signal.

Reversing up today depends greatly on the seasonal holiday bullishness influence appearing. Appearing, because pre-holiday selling pressures had depleted all available supply. If that can’t be converted to rally through the close, then the door remains open to resuming the decline.