Mid-day Update… The other shoe.

Other shoes dropping.

More news on indictment-Monday included a low-level campaign advisor’s guilty plea for lying to the FBI. He was being worked by a Russian agent, so it brushes up against the Russian collusion narrative. But it still falls short.

That hasn’t stopped the market hunkering down again, this time in reaction. Some tax reform headlines may have also contributed. Regardless, the morning’s break back under 2473.50 produced fresh session lows down to 2565.50. That’s 3 ticks under this afternoon’s bias-down signal, which didn’t trigger.

Oversold RSIs at the low don’t require being retested since they developed during the noon hour. Recovering into the afternoon bias environment has touched 2571.50. A pullback has room to test 2568.00 without yet beginning to signal fresh lows in-play.