Mid-day Update… Premature bounce?

Morning’s new low recovers to yesterday’s low.

The open’s wider and wider ranging eventually included a retest of the 2416.50 overnight low. It was pierced by a single tick. Which was just enough to satisfy the pattern’s structural requirement for a new low.

Rallying 12 points from there to 2428.25 and higher doesn’t change whether other attractions below remains outstanding. This morning’s selling stopped optimistically short of fulfilling the first of it at 2415.50. Testing it this morning was already jeopardized by recovering 2421.50. Back under 2424.00 would already start signaling fresh lows are back in-play.

Meanwhile, the recovery could extend up to 2433.00. The longer that takes to develop — without breaking back under 2424.00 and 2421.50 — would leave less time to resolve down today. And that would open the door to bouncing further before tomorrow afternoon’s bearish WedEX becomes influential.