Mid-day Update… Positive territory? Really?

Reacting to the noon hour piercing negative territory.

This morning’s recovery from fresh lows hasn’t dragged bulls out from their hiding places.

The bounce back up to 1889.00 resistance reacted back down to 1868.50. That’s 3 points under yesterday’s cash session close. It was also under the 1872.25 bias-down signal, which recovered in time to trigger “late no-bias.”

“No-bias” allows room up to this afternoon’s 1886.00 bias-up signal. It’s not required to use all that room, and it wasn’t — natural resistance at a 61.8% of the downleg held at 1881.50.

Now the bias environment is lapsing, and the choppiness should end. Retesting the 1872.25 bias-down signal as support has reacted up to 1879.00. It reacted up aggressively which is appropriate if momentum is reversing up.