Mid-day Update… Sellers refueled?

Bounce stops short of signaling recovery.

This morning’s 12-point drop to 2410.25 was retraced almost entirely through the noon hour’s exit. The open’s 2422.25 high was attacked to within 3 ticks. At that same time, this afternoon’s 2420.50 bias-up signal was being tested. Tested within 3 minutes of the 1:20 bias timing window, invoking the grace period.

And still being tested at 1:30 to avoid triggering altogether. This is a noN-bias environment. Not a bias-up with a higher target in-play. And not a no-bias that would be unlikely to probe higher. But a noN-bias.

noN-bias environments often behave like a no-bias, and don’t extend higher. Hovering at or around the bias-up signal until the bias environment begins lapsing at 2:30 then often breaks higher as if its trigger were delayed.

Already, though, this afternoon’s noN-bias environment is suggesting something different. It has reacted down 6 points to 2415.50. Sellers were never going to be marginalized in today’s pattern, and always capable of retaking control — not simply correcting or retracing the mid-day bounce, but resuming the decline to 2399.00 and potentially also 2393.00.