Mid-day Update… Shaken, not stirred up.

Wild morning ride tries retracing. Try again.

Similar to yesterday, bounces are still failing to prove they’re sponsored by strong hands.

This morning’s bounce back up to 2446.50 stopped short of an offsetting test of the 2448.50 bias-up signal. It was tested already at the open, so a retest wasn’t required. Falling back under 2443.00 started to signal a retest of the 2435.25 overnight lows was likelier.

In fact, the morning’s 2434.50 bias-down signal was touched. When the bias environment began lapsing. While RSIs were simultaneously oversold. Vulnerability to at least a corrective bounce was exploited, bouncing up to the morning’s 2440.00 bias-down signal.

Hovering there through the noon hour suddenly broke higher to 2444.25 coming out of the noon hour. It’s valid, and so is the afternoon’s 2443.00 bias-up signal that it triggered. But it hasn’t extended. And now its reaction down is testing the noon hour’s consolidation around 2440.00.

Back above 2443.50 would start to signal the recovery is resuming. This afternoon’s 2448.50 bias-up target is in-play, and its test is likely to be probed to 2451.50 and higher. But back under 2440.00 would onece again open the door to seeking buyers at yet lower levels, like 2429.00.