Mid-day Update… Making short work of it.

Is the pullback already done?

A test of this morning’s 2376.00 was put into play by holding a test of the 2384.00 bias-up signal. It was soon fulfilled, and then probed down to 2373.75 as the bias environment began lapsing. But 2376.00 was recovered as the bias environment was fully exited into the noon hour.

Failing its timely recovery would have extended the drop. A usual objective is back to the origin of any FOMC reaction. That would be 2370.50. And any sell signal would put it  back into play.

The noon hour’s bounce to 2380.00 has reacted down to attack 2376.00. This is a no-bias environment with no attraction, but trending would be credible when it starts lapsing. Back under 2376.00 or above 2378.75 would be credible for extending in that direction.