Mid-day Update… Mudder.

Attracted back down to the lows.

The market doesn’t seem very comfortable rallying. That’s neither new nor surprising. This has been the market’s pattern at highs, and also the anticipation of its continued response to highs. Monday was a high, neutralizing the last outstanding structural requirement — a new trend high close. Direction reversed quickly.

This morning’s attempt to extend the overnight recovery wasn’t a new high. But it met the same discomfort that opened the window below. And now the afternoon’s bias-down has triggered under 2433.00.

This morning’s 2430.50 low is being retested. This afternoon’s 2428.50 bias-down target is in-play. It could be probed down to 2425.00 and still be in the context of only a pullback. Anything deeper would be recoverable, but with increasing difficulty. Back above 2436.25