Mid-day Update… Scraping by.

Morning’s range chips away at yesterday’s highs.

The 1960.00 opening gap up trended down through the first hour to attack 1949.00. That pierced yesterday’s 1949.50 high, which also equates to its cash session close.

A bounce to 1959.00 resolved in a fresh low testing 1948.00. But the noon hour’s entry was still overlapping 1952.00-1953.00 — neither recovering its test as support, nor rejecting it.

Entering the bias environment above or below 1952.00-1953.00 would still likely trend in that direction. Trending up would likely drift higher into the close, probably probing the 1968.75 overnight high. Trending down would likely be steep and deep.

Currently, the noon hour’s bounce has been ranging narrowly around 1952.00-1953.00. And now that the noon hour is 61.8% elapsed, a resolution should become obvious soon.