Mid-day Update… Sloppy and choppy pause from toppy and droppy.

Buyers missed a path higher.

The post-open surge testing 2813.00 had collapsed back down to the 2790.25 overnight low. All of which was recovered into the morning bias environment lapsing. And then no more. Any higher for any longer could have isolated the morning’s probe of fresh lows, and opened the door to an afternoon short-squeeze.

Trending back down through the noon hour and into the afternoon bias environment has retraced the morning’s rally to almost 3 points from its 2790.25 lows. That’s 5 points under this afternoon’s 2798.75 bias-down signal, which did not trigger.

So, this is no-bias trending that requires a retracement to 2798.75, perhaps also the 2803.00 1:20 print. Then what I’ve been calling a “sloppy and choppy” afternoon will be able to resume its “toppy and droppy” downside. Resolving down prematurely would still get every benefit of the doubt for being able to extend down anyway, with only a recovery above 2804.00 suggesting a rally into the close.