Mid-day Update… No accumulation.

Noon hour opportunity to recover falls flat.

The noon hour probed a fresh low attacking 2622.00 that didn’t take RSIs oversold. It was recovered 2639.50 as the noon hour lapsed — a fresh relative high that was well-timed and well-postured to produce a corrective bounce. But it didn’t.

The reversal attempt was itself reversed into the bias timing window. Not deeply enough soon enough to trigger the 2626.25 bias-down signal, but that hasn’t mattered. The no-bias environment has extended down anyway to 2602.00.

Is this no-bias trending? Not if the 2618.50 bias-down target is recovered as the bias environment starts lapsing. Then the bias signal would require being retraced, too. Otherwise, not yet recovering would suggest the bias-down signal’s trigger was delayed by Fed Chair Powell’s impending comments, no retracement required.

As for the balance of the session, it remains vulnerable to extending down. And there’s not much support below, actually a very wide air pocket that would set an interesting tone for next week.