Mid-day Update… Pessimism slowing.

Clinging to fresh lows.

The morning’s aggressively bearish influence persisted through the bias environment lapsing into the noon hour’s 2686.50 low. The drop from the 2731.25 open had tried bottoming once from 2706.50 before extending in another downleg.

Ranging relatively narrowly sideways since then is now entering the afternoon bias environment back at session lows. And testing this afternoon’s 2691.00 bias-down signal. Triggering the grace period at 1:20 has avoided resolving down, still overlapping the bias-down signal at 1:30 instead of triggering.

This is not a no-bias, whose lower-end should be defined by its bias-down signal. It’s also not a bias-down that should test its bias-down target.

However, its 2784.25 bias-down target was met anyway. And so far, it is holding. Having originated from a relatively narrow range, it’s easier to reject and recover the break, which would be signaled back above 2792.50 (being tested now). There’s otherwise no requirement to reverse or to extend.