Mid-day Update… New meaning to New Year’s “Bash”.

Extending the decline.

This morning’s dip wasn’t recognizing an air pocket. Instead, there was potential for a corrective bounce above 2239.50 targeting 2242.75. The target was met, and retested, and then the correction ended.

The entire bounce was retraced back down to its 2236.75 origin during the noon hour. Fresh lows extended down to fulfill “unfinished business below” at this morning’s 2235.25 bias-down target. Once again, there is no unfinished business below.

Not at this moment.

The 2237.25 bias-down signal is being overlapped at the 1:20 bias timing window, which invokes the grace period. Back under it at 1:30, and preferably also at fresh lows to compensate for the delay, would target 2232.00 and lower. Not triggering bias-down could establish a floor for the day, so the balance of the session could drift flat-to-higher.