Mid-day Update… Market getting back to consequences.

No-bias trending is retraced.

The open didn’t almost literally explode higher. At least, not above Tuesday-Wednesday highs. But neither did the pattern implode lower. Post-open action did trend almost straight up from gapping down. So, the pattern isn’t yet required to reverse down.

No-bias trending required reversing down eventually. Not just Tuesday’s from 2342.25, but also this morning’s probing above its 2362.50 bias-up signal. It was touched at the overnight high, and probed this morning up to 2366.75. But its attraction below has been neutralized by dropping into the noon hour down to 2359.00.

That tested this afternoon’s 2360.00 bias-down signal. Which held. It should now define the bias environment’s lower-end. Even if tested again, at least until the bias environment lapsing begins.

Meanwhile, a bounce can try (and may be trying) to test the afternoon’s 2366.00 bias-up signal. An air pocket above to 2369.00 has already been utilized, but could be retraced.