Mid-day Update… In proximity.

Hovering above the trend change signal.

Last Thursday’s trend change signal triggered by closing under 2459.00. That is the interim low between the rally’s last two highs. Closing above it yesterday threatened to invalidate the signal, which would be done by a second consecutive close above it.

Opportunities to reconfirm the trend change signal have been slipping by. Opening back under 2459.00, and entering or exiting the noon hour back under it, both have failed. But each window did attack 2459.00. Closing back under 2459.00 would still be valid, but would not allow any delay to extending down Wednesday.

Back under 2461.50 would at least target a test of 2459.00, but not necessarily close under it. Meanwhile, back above 2464.50 and 2467.00 would increasingly point higher.