Mid-day Update… Morning gory.

Were morning’s buyers a little slow on the uptake?

This morning’s drop came within 1 point of its next lower objective at 2034.25. Both 1-minute and 3-minute RSIs improved into the low, so that might be sufficient for a bottom to form after this morning’s recovery attempt failed.

So far, a bounce has attacked 2043.00. Much higher much later could trigger this afternoon’s bias-up signal. That would trap the overnight extreme sentiment and the morning’s extension. The pre-open bounce would extend back to last week’s highs.

That bullish path isn’t at all assured or required. In fact, this morning’s one credible rally setup was attempted and rejected. There is no “unfinished business below” outstanding, so buyers aren’t marginalized.

But sellers certainly aren’t marginalized, either. A fresh session high above 2047.00 is needed to reverse the trend up. Until then, the decline is vulnerable to resuming. And having stopped short of it 2034.25 objective, potential to 2032.00 is a likelier attraction.