Mid-day Update… Relentless overnight rally gone.

Bias-up environment’s lapse hasn’t been bullish.

The post-open pullback held one test of the 2365.75 bias-up signal. Then it was probed by 2 points, but only briefly as that also held through the bias environment.

Then the bias environment lapsed, and 2365.75 was no longer required to hold tests. The next test came during the noon hour, and quickly extended to test this afternoon’s 2359.75 bias-down target.

The bias-down target held its test to avoid renewing the bias-down signal. It’s still a bias-down environment, and remains vulnerable to extending down anyway. The eventual objective would be to retest oversold RSIs at yesterday’s 2351.00 low. Probably not as one leg, i.e. not as an air pocket.

This being a Friday afternoon, sponsorship for trending tends to be difficult to attract. So, recovering back above 2365.00 would start to suggest momentum is reversing up. The next higher objectives starting at 2377.50 need not be tested today.