Mid-day Update… Looking for a low, if it takes all day.

Testing the next lower support.

When yesterday’s dip to last week’s “lower prior highs” at 2140.50 was recovered above yesterday’s opening high — despite being done overnight — there became no bullish reason to revisit last week’s lower prior highs. The resolution would be to probe lower.

Today’s retest of 2140.50 could have escaped this consequence if its test were isolated to the open. But it wasn’t. Now 2135.50 is being tested. That’s the next “lower prior high,” and the next opportunity to launch a rally leg.

Holding the open’s test of its bias-down signal did put into play an offsetting test of its 2148.00 bias-up signal. Exiting the bias environment under the bias-down target would have invalidated the objective. Instead, it becomes “unfinished business above” that requires an eventual retest.

Probing under this morning’s 2141.25 bias-down signal before the bias environment begins lapsing is called “no-bias trending.” It requires being retraced at least to the bias-up signal, and often also visits the 10:15 print, which was 2144.00.

Opportunity to rally from lower prior highs. And unfinished business above, two of them. That’s a lot of bullish potential. And it could be realized today.

Meanwhile, isolating the test of 2150.00 to overnight price action has created significant downside vulnerabilities. Exiting the noon hour in decline or triggering this afternoon’s 2137.50 bias-down signal could point down into late-afternoon.