Mid-day Update… Last last gasp?

Rejecting yesterday afternoon’s bounce now awaiting a repeat.

This morning’s 2167.25 bias-down target has become “unfinished business below.” The bias-down signal was no more productive after triggering at 10:15 than before it. So, invalidating the bias-down signal required recovering the 2180.50 bias-up signal as the bias environment was lapsing. And the morning’s bounce only reached 2177.25.

Recovering 2176.75 would still start to signal momentum reversing up. The morning’s bias environment only pierced it by a tick. And now this morning’s 2173.25 bias-down signal is being retested. It’s not exactly giving way, but yesterday’s 2170.50 low has been tested enough that even obligatory support is unlikely.

I’m tracking the timing of a next downleg, assuming there is one. Recall that yesterday afternoon bounced throughout, and its rejection was delayed until pre-open. Rejecting this morning’s bounce this afternoon would suggest the market is becoming more pessimistic. The depth and slope of its downlegs would be likely to increase simultaneously.

If only retesting yesterday’s low was sufficient to end selling pressure, then this morning’s bias-down signal shouldn’t have triggered. At least its target should have been rejected. But while a delayed recovery wouldn’t be sponsored by strong hands, it could still be a substantial detour, so be sure not to get caught short on a big bounce.