Mid-day Update… Neutralizing sellers, too.

Pullback target met.

The open’s surge peaked upon touching the 2393.50 overnight high. Being a “new Globex trend extreme,” its intraday retest was required. Its reaction down was not.

But its reaction down was not noise. It rejected the 2591.50 bias-up signal that had been in a position to trigger. And that put into play an offsetting test of its 2583.50 bias-down signal.

Just that suddenly, unfinished business above was replaced with unfinished business below. And almost just that quickly, the unfinished business below has been neutralized, too. Sliding into the noon hour fulfilled the objective, and it was soon probed down to 2580.75.

But another attraction above has not been created. Not gapping up this morning means the open doesn’t require being tested from below. And this afternoon’s bias-up signal wasn’t triggered — it wasn’t even attacked. A 6-point bounce off the low is still several points into negative territory, and expending buying pressure.

The rally could get back on track. One way would be to exit the bias environment back in positive territory above 2588.00-2588.75, which would be credible for extending higher through the close. Meanwhile, bouncing without gaining traction keeps the pattern vulnerable to another downleg.