Mid-day Update… Risks of an illiquid environment.

New tariffs news triggers plunge.

Today’s signals have probably been impacted by volume contracting ahead of the 3-day holiday weekend. This morning barely triggered noN-bias, and used the aimless environment to range choppily sideways.

Now this afternoon’s cleanly triggered 2911.00 bias-up signal has stalled under 2913.00, and then collapsed to 2899.00. The stalling may have been related directly to volume, but the collapse is indirectly related — the low-volume environment has magnified the reaction to a China trade war tariff headline.

It’s too late to exit the bias window under its 2895.50 bias-down target, so the 2918.00 bias-up target becomes “unfinished business” above. Back above 2903.00 (being tested now) could start that recovery. But back under 2900.00 would more likely extend the decline.