Mid-day Update… Retesting the low (day).

67-point drop touching the low session’s high.

Invalidating this morning’s bias-up through 10:30 didn’t require offsetting tests of both bias-down parameters. But they were tested. Their tests didn’t require holding. And they didn’t.

Completely retracing yesterday morning’s lows was likely, and likeliest to visit 2701.00. The low was 2699.50. The target was met coming out of the noon hour, when persistent Friday morning bias signals tend to lapse. Combined with RSIs diverging positively, a reaction began. Reacting up overlapped this afternoon’s 2709.50 bias-down target in time to avoid renewing the bias-down.

Being a Friday afternoon, and the bias-down target has been met and held, not resuming the decline would allow ending the session higher. Exiting the bias environment in rally mode could firm into the close. Probably not as a short-squeeze, per se, but there’s not much difference with such wide ranges for noise alone. It’s helpful that the low actually overlaps the 2707.00 high of Monday’s session, which is relevant for also having printed the trend low — of course, its test has already reacted.

Meanwhile, this is still a bias-down environment, so sellers aren’t marginalized, and the decline may resume. The window should be defined above by any test of its 2717.25 bias-down signal (being tested now). Back under 2704.50 could trigger another downleg targeting 2694.00-2696.00. Any lower could capitulate.