Mid-day Update… More trending to come?

Wide swings reflect opinions being expressed.

The offsetting test of this morning’s 2899.50 bias-up signal was met very quickly after being put into play. An hour remaining in the bias window didn’t make the rally any likelier to extend higher, not when the no-bias environment is likelier to remain within its bias signals.

Reacting down 13 points to 2886.50 was recovered back up to within 2-3 ticks of 2899.50. But its 18-point reaction down was deeper to 2881.50.

Now a shallower recovery has triggered the afternoon’s 2890.25 bias-down signal. Its 2884.50 bias-down target is being retested now by 1 point.

Extending any lower would next target 2880.50 and 2877.50. And then yesterday’s 2866.00-2867.75 lows. And probably lower — which an afternoon drop would make likelier for being less capable of attracting counter-trend sponsorship.

Today is becoming a critical day for the decline’s momentum. Two prior sessions have recovered intraday dips, but too shallowly to reverse the trend back up. Today’s recovery probed a prior high, but hasn’t maintained it. If recent lows didn’t satisfy sellers and/or attract strong-handed accumulation, the the next area for both would be 2850.00.