Mid-day Update… Potato, potahto.

Much of morning’s drop already recovered. Or corrected.

The timing of this morning’s downlegs resemble yesterday, still coinciding with negative headlines. Today’s aren’t recovering before resolving down, so recovering them would be done by one comprehensive upleg — if done, at all. The minimum objective would be 2349.00.

2349.00 is pretty far removed from the morning’s 2333.25 low. The bias environment exit was just 3 points short of the 2343.50 level whose recovery could have undermined sellers already. Too late for that, now 2349.00 is required.

So, undermining sellers now requires a more substantial move. Considering the time limit, that move will need to be steep. In fact, the noon hour just produced a 7 points surge to 2345.00. And it has added another 6 ticks. The 2349.00 objective is no longer so much further away.

This being the noon hour, this might be only a temporary corrective bounce. Triggering the 2343.00 bias-up signal would help to undermine sellers. But entering or exiting the bias environment above its 2349.50 bias-up target would be optimal.