Mid-day Update… There have been new developments.

Overnight lows already retested.

The durability of this morning’s rally was undermined by not having isolated the overnight probe under yesterday’s lows. That essentially validated sellers. “No-bias trending” above the4 2131.25 bias-up signal had room up to its 2137.50 bias-up target. But even that would remain vulnerable to reversing back down to retest the 2116.00 overnight low.

Well.

I had almost completed an update reiterating those points when the FBI announcement preempted me. The news also preempted touching this afternoon’s 2135.50 bias-up signal by 1 tick. And that was still several ticks short of the potential.

The reaction down was not optimal, but it fell to 2120.00, 2114.00 and eventually 2112.50. RSIs were already diverging positively, and finally a bounce is attacking yesterday’s 2122.50 post-close low.

Not impressed.

There’s room up to 2127.00-2129.00 without even suggesting the trend is reversing up. And meanwhile back under 2118.00 would resume the decline, next targeting 2105.00 and 2095.00, even 2082.00.