Mid-day Update… What about now?

Lower low goes the distance.

The open’s test of “lower prior highs” was tested down to 2574.25. That could have served as a bottom. In fact, it was recovered up to 2583.75. But not the morning’s bias environment was exited back down at the lower prior highs. And the noon hour was entered lower.

Actually, the noon hour was entered at 2570.00, which would have been the renewed bias-down target. That’s where the noon hour was exited, too, after an interim dip. And the interim dip wasn’t arbitrary — it touched the afternoon’s 2563.75 bias-down target.

Wait, there’s more.

The afternoon bias environment was entered back above the 2569.25 bias-down signal. No-bias triggered after holding tests of both bias-down parameters. In the morning, this setup would put into play tests of both bias-up parameters. Not in the afternoon. While at least the 2575.75 bias-up signal is likely to be tested,  and was, it should also contain the no-bias environment’s upper-end, and is.

Back under 2571.50 would start to signal another downleg underway to fresh lows. Otherwise, back above 2579.00 would start to signal a bigger recovery underway.