Mid-day Update… Quicksand.

Rallies and bounces failing slowly.

This morning’s 2643.00 bias-up signal was touched once before triggering no-bias. That put into play an offsetting test of its 2636.50 bias-down signal. The bias-up signal wasn’t touched in time to invoke the grace period. And it wasn’t recovered through 10:30 to invalidate its 10:15 signal. It was a no-bias environment.

That didn’t prevent no-bias trending above the bias-up signal. It extended to its 2648.25 bias-up target. Any higher as the bias environment started lapsing at 11:30 would have done what wasn’t done an hour earlier. But its resistance held, so no-bias remained intact, and a test of 2636.50 became “unfinished business below.”

No-bias trending must retrace to its broken bias signal, and often also retraces its 10:15 print. That was 2640.75, and it has been probed down to 2638.25. That was also this afternoon’s bias-down signal, which was still being tested at both 1:20 and 1:30 to trigger noN-bias

So, 2636.50 remains in-play. The noon hour’s exit touched this morning’s 2638.25 lows, and bounced. That’s now obligatory support, likely to break lower, and still likely to also test 2631.75 as support.