Mid-day Update… The next bite at this apple.

Morning’s recovery on pause.

Not only was the 10-11 point post-open drop under 2566.00 retraced, but it was exceeded to touch 2571.50. That’s the morning’s bias-down signal, which was required to define the window’s upper-end, and did. Its 2566.00 bias-down target could have held, too, but it was tested as support into the noon hour.

2566.00 is being retested now into the afternoon bias environment. This afternoon’s 2565.25 bias-down signal was barely attacked, and not triggered.

It’s difficult to take too seriously any recovery attempt that hasn’t yet exceeded 2574.00 through a relevant timing window. Resuming the rally this afternoon would have no difficulty exceeding 2574.00. Breaking lower during the bias environment or coming out of it would be difficult to reverse up — let alone, to reverse up sufficiently — into the close. Possible, but difficult.