Mid-day Update… Down, but not necessarily out.

Noon hour hovering at morning lows.

The open’s drop from 2157.50 down to 2146.25 had consolidated throughout the bias environment. Its bounces became shallower, and the consolidation broke lower when the bias environment began lapsing at 11:30.

Much lower. A 10-point plunge was already being retraced into the noon hour.

The plunge’s retracement measured 61.8% before returning to attack the plunge’s low. Ranging through the noon hour has repeatedly threatened the lows. The only attempt to break lower was barely 3 minutes old before surging back up to the afternoon’s 2142.50 bias-up signal.

2142.50 was touched at 1:20 to invoke the grace period. Its recovery through 1:30 would trigger late bias-up. Also recovering 2143.50 by 1:30 (being tested now) would be helpful confirmation. Otherwise, a late no-bias environment could still test its 2137.00 bias-down signal.