Mid-day Update… Precariously positioned.

Greeting the afternoon at fresh lows..

This morning’s 2570.75 bias-down signal was overlapped only by the bars that fulfilled its required test down to 2566.00. A 32-point bounce consolidated through the bias environment lapsing. The morning’s decline resumed through the noon hour.

Even before triggering this afternoon’s 2558.00 bias-down signal, its 2540.00 bias-down target was being tested at the noon hour’s 2538.75 low. Its reaction attacked 2566.00 before reversing back down to and through 2540.00. The target wasn’t broken in time to renew the bias-down signal, but it’s being probed now by 10 points.

That’s within 5 ticks of Monday night’s 2529.00 low. Its retest is likely to include 2509.00-2511.00. The lower target gets every benefit of the doubt unless disproved. Here’s one way for that: The afternoon’s bias-down environment should be limited to tests of its 2558.00 bias-down signal if tested. But recovering it when the bias environment begins lapsing at 2:30 could trigger a short squeeze.