Mid-day Update… Sellers serve a purpose.

Dip fulfills near-term attractions below.

The open’s initial dip touched this morning’s 2339.75 bias-down signal. Not triggering it put into play an offsetting test of the 2350.50 bias-up signal. It was tested, but also probed up to 2356.00.

Probing beyond either bias signal during a no-bias environment is “no-bias trending,” which requires being retraced — at least back to the bias signal, and often back to the 10:15 or 1:20 bias timing window print.

Dropping back down to 2345.25 essentially retraced both. And being within 3 ticks of the 2345.00 bias-down target fulfilled it, too.

This is still a bias-down environment, so its 2350.00 bias-down signal should define the window’s upper-end. Breaking higher would be a “bias-down rally,” and like the no-bias trending, would require retracing back to the bias signal.

2350.00 is being tested now. Breaking higher during the bias environment is unlikely to be attempted, and would be doomed if tried. Regardless, breaking higher at all would target a retest of overbought RSIs at this morning’s 2356.00 high.