Mid-day Update… Last ditch.

Noon hour bounce gains no traction.

This morning’s drop extended to 2632.50 while still being required to retrace the 2638.50 bias-up signal. Its retracement was close enough to the bias environment lapsing that its attraction was neutralized. The drop resumed down to the noon hour’s 2612.50 low.

2605.00 is still the likely objective.

Bouncing through the noon hour has extended to attack this afternoon’s 2631.25 bias-up signal. A couple of supportive levels could slow a reversal down, but back under 2622.75 would start to signal the decline has resumed.

Otherwise, probing any higher would require being retraced, but not after the bias environment starts lapsing. Even the most bearish drop isn’t required to resume today, but closing in negative territory if not also under yesterday’s 2616.50 low would be likely unless a bigger bounce were about to begin.