Mid-day Update… Passing that point.

Probing the same pullback limit that had held already last week.

The pullback into last week’s lows had to hold 2701.50 through any relevant timing window to remain a pullback. Plunging into its test last Wednesday afternoon had initially extended overnight to 2682.00. Recovering the excess through Thursday’s open had formed the Isolation reversal setup.

That reversal setup was productive. Extending it probed the pullback’s origin for new recovery highs. There’s no bullish reason to revisit that upleg’s origin — i.e. 2701.50.

2701.50 was probed during the noon hour, and broken sharply exiting the noon down to 2680.25. At least 1-minute RSI is diverging positively at the low, which just reacted up to 2692.50. Exiting the bias environment back above 2701.50 would help to suggest the interim break was sponsored only by weak-handed sponsors. Otherwise, the next downleg is likely already underway.