Mid-day Update… Pushing back hard.

Bouncing back to the open.

10:15’s 2050.25 low was finally broken by more than an errant tick or two. That ended the potential for compartmentalizing this morning’s break under 2059.50. Meanwhile, that break bottomed at 11:30 at 2048.00. So, its sponsorship is similarly vulnerable to being compartmentalized.

This afternoon’s 2057.00 bias-up signal is a function of that last downleg. Recovering it, and its room for noise up to 2057.00, has now triggered bias-up. We assume the bias-up bounce is only a correction, which was dictated by this morning’s bias environment exit not recovering 2059.50.

Speaking of which, 2059.50 is now being probed by 1 point. It can be probed up to Friday afternoon’s high while being only noise. That’s essentially this afternoon’s 2063.50 bias-up target.

Exiting the afternoon bias environment any higher would be difficult to co-exist with the morning’s probe under 2056.00. It would require that Wednesday’s open gap significantly to reject one, or the other. For now, invalidating the current bias-up signal requires exiting this afternoon’s bias environment back under its 2050.50 bias-down signal.