Mid-day Update… Snowballing.

Corrective bounce opportunity fails.

Just for having tested Feb 5’s pivotal low last Friday, an eventual test of the actual low has been required. Ranging sideways for several days didn’t change that, and Thursday’s interim bounce never gained traction. Last night’s relatively shallow range did not in itself suggest fresh lows were any nearer.

But the open resolved down quickly. And the morning extended down sharply. Sharply, and substantially. Now the noon hour’s fresh low is being probed, after finally bouncing for the first time today. No-bias triggered, and was then invalidated after being probed through 1:30.

Which is the most interesting aspect to today’s drop. Beginning from much higher at 2632.00 — still 10 points under Thursday’s cash session close — dropping almost 60 points firmed into the noon hour. A fresh low during the noon hour recovered from under 2579.00. Now a fresh low after triggering no-bias has tested 2567.00. Isolated probes, when the bias-down failed to trigger, are vulnerable to being trapped in a short-squeeze.

There’s still a lot of room to recover before signaling momentum reversing up. Back above 2580.00-2583.00 during the bias environment could end the day much higher. But trying too late to recover would only trap longs for another downleg with 2509.00-2511.00 still the next lower objective.