Mid-day Update… Settling in before bugging out.

Correction objective met, leading to consolidation.

This morning’s 2074.50 bias-down target was tested before bias-down was signaled. It was soon met, with plenty of time remaining in the bias-down environment.

More substantial corrective target attracted price down. The 2065.00 target was pierced by 2 ticks at the 11:30 bias environment exit. Its test reacted up 10 points to 2074.50 before noon.

It’s likely that the correction is fulfilled. But that doesn’t necessarily equate to reversing back up immediately. At least one timing window can be spent “backing-and-filling” or forming a more comprehensive pattern. Of course, a negative news headline could exacerbate the pullback, but not necessarily.

Backing-and-filling is simply vulnerable to becoming another downleg. Back above 2070.50 would launch a recovery. Meanwhile, this afternoon’s 2067.75 bias-down signal is now being tested down to 2066.00.