Mid-day Update… Seems kind of hasty.

Rallying sharply out of morning’s low.

The initial collapse down to 2692.25 was recovered to a minimum 2711.00 bounce target, and then its next higher attraction at 2715.25. A 61.8% retracement was recovered to resume the rally, which has extended up to 2736.25.

The afternoon’s 2713.00 bias-up signal triggered easily, along with renewing bias-up above its 2720.00 target.

Which allows a reversal room down to 2713.00 during the bias-up window. Lower, later. Currently, a pullback is testing the open’s 2721.00-2723.25 highs as support.

The resolution to this dip is very important.

Closing above the open’s 2721.00-2723.25 highs would suggest that a near-term bottom has formed. This would be more credible had this morning’s low formed a Double Bottom. That could be provided tomorrow, from the position of strength of having closed above the open’s highs.

Otherwise, closing back under the open’s highs would suggest the decline remains intact. That’s not at all unlikely, since the decline has already consolidated, and immediately beginning another consolidation isn’t usual behavior.

In either scenario, closing just above or below 2721.00-2723.25 is unlikely. Holding its recovery, or not, should be decisive — whether at today’s close, or through tomorrow’s open by proxy.