Mid-day Update… This one has a chance.

Afternoon bounce, potential recovery.

This morning’s drop ultimately extended down to 2663.25. Oversold RSIs there will require its eventual retest. But that might be awhile.

The noon hour bounced 24 points up to 2687.25. Which was actually the second and maximum target of a corrective bounce. Its reaction down to 2671.25 suggested the correction was done, and that new lows at 2652.00-2653.00 remained in-play.

More so, tests of both bias-up parameters were on the verge of being rejected. Just rejecting a bias signal to trigger no-bias requires an offsetting test, but that’s a morning setup only. In the afternoon, rejecting tests of both bias parameters still requires offsetting tests of the other two.

But oh, no.

Bias-up triggered late to avoid the bias setup. And it wasn’t just recovered. The noon hour peak of its original test was recovered through 1:30 to mitigate the signal’s lateness. That was 11 points higher, and could prove to be very effectual optimism.

Currently, 1-minute RSI is diverging negatively on a test and retest of 2691.25. Back under 2680.00-2681.00 — preferably upon exiting the bias environment — would signal momentum reversing down. Otherwise, there’s potential for fresh session highs today. Closing above or below 2701.50 would then dictate the next leg.