Mid-day Update… Been here, rejected that.

Post-open high attacking pre-open high.

Entering the bias environment in decline was still above yesterday’s lows. And it was produced by a late reaction down, from probing fresh highs. Weak-handed sponsorship behaves like this. Like yesterday’s mid-day downtrend, all within the open’s range. No traction.

Yesterday’s dip was recovered, and now this morning’s dip has been recovered, too. The lower-end of the range has been retraced to the range’s upper-end attacking overnight highs. Only attacking, stopping pessimistically short, which can be bullish from a contrarian perspective.

Meanwhile, this is the same area that produced the last downleg. And bias-up above 2207.00 just failed to trigger. There’s no downside requirement, but the bullish scenario would hover up here and await the bias environment lapsing to renew rallying.

Drifting back down would likely test 2203.50,and any lower would start to signal a deeper, lengthier pullback underway. Still likely to recover, but after an interim dip.