Mid-day Update… Sooo close.

Pessimism is alive and well.

Retesting this morning’s 2839.00 GDP reaction didn’t hold. Bias-down didn’t trigger, but its 2829.50 bias-down target was attacked to within 2-3 ticks at the bias environment low. The noon hour steepened the drop and extended it much, much more sharply.

Breaking under this afternoon’s 2822.00 bias-down target renewed the bias-down signal, next targeting “unfinished business below” at 2813.75. It was tested down to 2808.75.

Now a bounce is testing 2817.00. But the trend hasn’t reversed up. Exiting the bias environment back above 2818.00 would help to signal a short-squeeze underway, with potential to 2829.50. Otherwise, back under 2811.00 would at least probe fresh lows, if not resume the decline next targeting 2801.50.