Mid-day Update… Proving ground.

Snapped stretch trying to snap back.

“Lower prior highs” at 2708.00-2709.00 defined the open, while being probed down to 2705.25. And it could have defined a bottom. But its reaction up to 2718.50 came too quickly to attract more reinforcements than inhibit them. And a China trade headline transformed an otherwise healthy pullback into resuming the decline.

The next lower objective at 2688.00-2690.00 was tested down to 2687.25 as the bias environment lapsed. The noon hour’s lower lows at 2685.50 were recovered enough and in time to avoid triggering the afternoon’s 2688.00 bias-down signal. Its reactions held tests of the 2695.50 bias-up signal. This is a no-bias environment.

No-bias trending just touched 2700.00, requiring that 2695.50 be retraced. No-bias trending has room up to 2705.00 without even threatening to reverse momentum up. Meanwhile, back under 2693.50 could resume the decline, or at least probe fresh session lows.