Mid-day Update… Late stretch, late failure.

Reacting down from noon hour high.

The open did not extend higher. Which wasn’t surprising since yesterday’s rally was stretched by weak-handed sponsorship. But a mini-plunge to 2529.00 didn’t extend down, despite the vulnerability.

The morning’s 2532.75 bias-up signal was recovered, and then probed when the bias environment came within view of lapsing. That extended higher into the 2538.00 noon hour high. Overbought RSIs at the high — if 1-minute RSI can even be considered overbought there — don’t require a retest since that was during the noon hour.

The afternoon 2536.50 bias-up signal was tested, but it failed to trigger. An offsetting test of the 2531.00 bias-down signal isn’t required. But reacting down into the bias environment is testing 2533.00.

If this dip isn’t absorbed, then it should at least probe negative territory under 2532.00. Closing in negative territory would be likely. Closing under the morning’s 2529.00 low would even form a bearish Pivot Reversal. Otherwise, back above 2536.00 would all but ensure extending to 2541.50.