Mid-day Update… Normally, this would be a bottom.

Breaking lower would be an anomaly. A steep, deep, anomaly.

Overnight and post-open action hasn’t trended, but it has been very choppy. This morning’s bias signals were tested multiple times each, and that was before triggering no-bias. No-bias trending probed lower, and probed the morning’s bias-down target. The break was recovered to exit the bias environment back above its signal, neutralizing the no-bias trending.

So, while this market may be range bound, it’s not dull and lifeless, but opinionated. One of those opinions is bearish, which sellers expressed as strongly as possible without gaining traction for their effort. And that effort became trapped within the timing window that had attempted it.

Normally, that would be a bottom. Not entirely for this morning’s failed drop, but also because yesterday’s low was probed before recovering. Both held tests of Monday morning’s low. All coinciding with seasonal bullishness that begins its influence this afternoon.

2600.00 is essentially the lower-end of the range. If it’s not breaking lower, then price action into Thursday’s close is vulnerable to gravitating higher. By the same token, if that seasonality doesn’t prevent breaking the range’s lower-end, then the weekend could be greeted at sharply lower levels.