Mid-day Update… A little bit deeper now.

Testing supports, not gaining traction.

This morning’s plunge from testing the 2101.00 bias-up signal eventually extended down to test its 2096.25 bias-down signal. That would have been required by dipping just moments earlier to trigger no-bias. It was done anyway.

Delaying the break actually created more potential downside. No-bias would have required holding the bias-down signal. Instead, noN-bias removed any limitations to the morning’s range. And its break extended the drop to test the 2091.25 bias-down target, which would have been required if 2096.25 had broken lower earlier.

2091.25 had become this afternoon’s bias-down signal. Like this morning’s bias-down signal, it didn’t trigger. It could have triggered, unlike this morning’s signal.

So, are sellers finally done?

The bigger picture premise maintains the likelihood for resuming the rally. This morning’s detour was acceptable, but now risks upsetting the recovery’s slope by persisting into the afternoon. Being a no-bias environment, the 2097.00 bias-up signal should define the range’s upper-end until the bias environment begins lapsing at 2:30.

Fresh lows have room down to 2089.00 before signaling a much deeper pullback underway. New highs would remain likely, but the detour would be undefined.