Mid-day Update… Overkill.

Back-and-fill becomes bottomless pit.

Not gapping up this morning above yesterday’s highs already had foreclosed upon resuming the rally, before late-afternoon at the earliest. More likely was a morning to be spent backing-and-filling, probably to 2155.50, possibly to 2152.00, and with room down to 2149.00 before something much bigger might be considered underway.

Something much bigger is underway. The question is whether it’s already done.

The noon hour reacted up from 2155.50 to 2163.00. The decline’s resumption barely acknowledged the 2152.50 bias-down signal, and renewed it under the 2147.00 bias-down target at 1:20. Now the 2138.00-2139.00 renewed bias-down target has been met. And it defines the low of a bounce to 2143.50.

Back under 2139.00 would target at least a retest of the 2137.25 low, where RSIs were oversold. And that would risk resuming the decline. Otherwise, ignoring the oversold RSIs and recovering 2145.25 (being tested now) could also exit the bias environment above its last relative high at 2149.00 — which would form a short-squeeze setup targeting 2160.50.