Mid-day Update… No rushing to judgement.

Busted bullish setups haven’t defaulted to bearish.

Price action in between Fed Chair Powell’s congressional testimonies continues to be choppily range bound. That range is repeatedly testing support below, so there’s no assurance of the range persisting.

The open’s Isolation setup barely triggered by maintaining the open above yesterday’s low, despite immediately retracing down through 9:45. Ultimately, the morning probed 6 points under yesterday’s low down to 2737.50, which isn’t optimal. And it doesn’t get a benefit of the doubt.

The morning’s 2754.75 bias-up signal triggered cleanly at 10:15 but it was never more productive than the 2762.00 test before then. So, exiting the bias environment under its 2744.50 bias-down signal was eligible to invalidate the bias-up, so its 2764.00 target doesn’t become “unfinished business above.”

Sellers tried to exploit the rejections, and the noon hour dipped to 2741.75. But rallying into the noon hour’s exit up to 2754.00 has triggered a late bias-up above 2750.50. Exiting the bias environment under 2741.00 would invalidate it — for a third window in two consecutive days. Back under 2744.50-2746.00 would start to make that likelier.