Mid-day Update… Sitting on a precipice.

Isolation setup trying to reject the late-morning collapse.

After having probed under yesterday’s lows, maintaining the open back within yesterday’s range formed an Isolation setup. It typically backs-and-fills during the morning before performing in the afternoon. This morning’s 2642.00-2655.00 range held until the bias environment began lapsing, and then it broke.

Lower.

Collapsing to fresh post-open lows fell back into the overnight range, testing the 2627.00-2628.00 objective. It’s too late to reject the Isolation setup, which would have been as bearish as the setup would be bullish. But it’s too early to invalidate the Isolation setup, which can be reinstated before the close.

Any development will do. Triggering this afternoon’s 2639.00 bias-up signal is a start. But that’s only a start. It was triggered, albeit late, but after the noon hour held a test of the 2627.00 bias-down signal held. The 2646.00 bias-up target has been attacked to within 1 point.

Triggering bias-up must still be productive. Currently, its reaction down has dipped to 2635.00. That’s back under the bias-up signal. Not extending or even resuming the pre-open recovery may only range sideways into the close. But not recovering also keeps the door open to resuming yesterday’s decline.