Mid-day Update… Millimeters and inches.

Was the upside objective invalidated?

That’s the most important question facing the market today. There was no outstanding higher objective until this morning’s 2164.25 bias-down signal held through 10:15. It put into play an offsetting test of the 2171.25 bias-up signal.

Was that test Invalidated? Not at 10:30, despite being attacked then. Invalidating it then required exiting the bias environment under the 2159.75 bias-down TARGET.  You’ll never guess what a sudden plunge from 2167.50 was attacking through 11:30-noon.

The 2159.75 bias-down target. To within 1 tick.

It’s still being tested now, during the noon hour, while RSIs diverge positively. But that upside objective is looking pretty dubious. No other upside objective, and a big target (2168.00) tested and retested. This market can get very bearish very quickly if that upside objective isn’t valid.

Back above 2163.00 would be the first indication of retesting yesterday’s high. But there’s not much time available to get that done.