Mid-day Update… Loose lips sink make buying opportunities.

Unexpected comments trigger massive volatility.

Trump commented this morning on drugs costs. It was immediately influential and very productive, sending price down quickly and a lot, from testing 2266.00 down to 2255.00.. It was also arbitrary, and ultimately recovered back to its origin.

A bigger detour like yesterday morning’s bounce was trying to trigger when the comments were made. The drop’s complete recovery didn’t resume the rally attempt where left off. Instead another drop has triggered (and already fulfilled) this afternoon’s 2262.00 and 2256.75 bias-down parameters.

Recovering Trump’s artificially-induced downleg was all but required. Resuming the leg preceding it is not required, at all. But it can be. The morning’s 2261.25 bias objective was fulfilled by the Trump plunge along with its 2257.50 bias-down target. This afternoon’s bias-down already met its 2256.75 target. And the pullback had potential to bottom Wednesday morning.

We still don’t know whether Tuesday morning’s bounce may have extended the timing for a pullback low to Thursday afternoon. Or whether its objective may have extended down to 2247.50, if not also 2235.25. Any fresh low would suggest as much. But rallying this afternoon instead of extending the pullback would suggest it had ended, with new highs in-play.