Mid-day Update… Round-trip complete.

Last lower objective now tested as support.

That was a quick trip. Recovering 2681.50 had put into play the next higher objective at 2715.00-2722.00. The lower-end of the next higher objective was probed yesterday, leaving no “unfinished business above.” Now 2681.50 has been touched as support.

2681.50 happens to be be this afternoon’s bias-down target. This is a bias-down environment, so uptrending during the next half hp fill back to Monday’s futures close, which is natural support. Just probing more than 61.8% of the gap (under 2687.25) is unusual on the first attempt, and expends a lot of buying pressure.

Extending under 2681.50 is possible — its cash session close was 2678.00. But it’s unnecessary, and difficult at this stage. Reversing up is possible. The 2687.25 bias-down signal should define the bias-down environment’s upper-end (it’s being tested now), but probing above it anyway would require retracing back down to it at some point.