Mid-day Update… Objects in the mirror are smaller than they appeared.

Selling pressure is growing.

The wide, choppy open took its time before finally triggering late bias-down under 2674. The 2651 bias-down target was quickly met, launching another choppy range into noon. That choppy range was choppier than the open.

Then trending resumed, attacking 2613 before the noon hour ended. That 45-point downleg was bigger than the earlier 33-point downleg that had fulfilled the bias-down target.

In other words, the downward gyrations are expanding.

That has become the theme this week. One might even call it a “pattern.” Tuesday’s bottoming pattern was the culmination of Friday and Monday’s downward expansion. And this morning’s drop followed Tuesday and Wednesday’s expanded distribution at resistance. Either setup could have been overcome by gapping up enough. As could today’s.

If the decline can pause that long. Which it’s trying to do, extending the bounce from 2613 to 2649. But everything above the ~2641 bias-down signal during a no-bias environment is “no-bias trending” that will require being retraced. That would be problematic to invalidating the intraday selling expansion, if its consequence is already developing today before a gap up tomorrow could invalidate it.

And the consequence of that expansion is to probe under Tuesday’s intraday lows, all but ensuring new lows down to 2509-2511. So, perhaps the only bullish scenario must be sure to retest ~2641 through the bias environment starting to lapse, and then rally sharply into proximity of a gap up tomorrow.