Mid-day Update… Refueling.

Corrective bounce, or budding recovery?

The open’s test of 2108.00 was recovered through the morning’s bias environment, back to the 2118.00 open. It was too late for that to qualify as recovering the dip to 2112.00 to isolate sellers. But it was enough for entering the noon hour above 2121.75 to suggest as much.

The noon hour’s entry was still testing 2118.00, so the setup remained alive, but needing more validation. Attacking the 2125.25 “higher prior lows” to within 1 tick during the noon hour does not qualify. But now triggering the afternoon’s late bias-up signal above 2122.00 at 1:30 can exit the bias environment above 2125.25 to point momentum up.

Late bias-up actually puts into play 2127.75. That’s still representative of resistance at “higher prior lows,” and potentially the peak of a corrective bounce.

So, there is an attraction above in-play. It has potential to produce something bigger, but not durable since there is “unfinished business below.” And back under 2120.50 would signal momentum reversing down. Fresh lows targeting 2105.00 and 2095.00 would be in-play.