Mid-day Update… Maxxed out.

Limits of a corrective bounce are met.

The 2907.50 low of yesterday’s drop is likely to be probed at some point before a durable recovery develops. So, interim bouncing is likely to be only a temporary correction. A bigger and bigger bounce would start to suggest otherwise, but not arbitrarily — not without recovering some relevant level through a relevant window.

It helps to begin from a relevant level, too, like from recovering 2914.00 and 2919.00 through this morning’s open. Even that only produces a position of strength, which makes another drop likely to recover… for example, from retesting 2907.50.

Anyway, today’s bounce has extended through its 2927.00 renewed bias-up to attack this afternoon’s 2933.25 bias-up target. The probe above 2927.00 was isolated to the noon hour. And “late no-bias” just triggered for this afternoon’s bias environment.

Nothing requires extending this morning’s rally. Not extending higher would be vulnerable at least to backing-and-filling Extending higher anyway could retest Friday’s 2945.25-2947.00 highs, and still be vulnerable to reversing down.