Mid-day Update… Laying low.

Big recovery attempt stops short of gaining traction.

As the open’s volatility warned, this morning’s price action would not trend. The opening hour’s fluctuation touched 2062.00 at its high, before reversing back down to fresh lows at 2050.25. Despite surging up to 2073.25, the noon hour was entered back at 2062.00.

So, potential down to 2048.00 remains alive — not in-play at the moment. But dipping back into the open’s range would all but ensure probing a fresh low, presumably down to 2048.00.

Resuming the rally and triggering this afternoon’s bias-up signal still wouldn’t invalidate the potential downside. But the potential downside remains a vulnerability otherwise.