Mid-day Update… Low volume blues.

Narrower range than yesterday.

Thursday morning’s post-open plunge had been productive, triggering bias-down and creating an attraction below. That initial shake-up didn’t force its corrective bounce to resolve intraday. At least, not any more than slipping slightly into the close.

Last night’s plunge certainly hasn’t forced its corrective bounce to resolve. Not, yet. Perhaps this afternoon will slip into the close, too, like yesterday. Unlike yesterday, not only slightly. Slipping into the close for a second consecutive session — ahead of the weekend’s illiquidity, and with support chipped away — could be substantial.

The most relevant question about an afternoon slide wouldn’t be how deep, but how soon. Strong-handed sponsorship would make itself obvious as the bias environment begins lapsing, or sooner. By the same token, not yet breaking lower before the final hour would become vulnerable to a weak-handed bounce into the close.