Mid-day Update… Squeaking through.

Downdraft attacking the lows, while it can.

My suspicion of this morning’s bias-up signal was based partially on it being triggered late. Also, the open’s Symmetrical Triangle — a narrowing range — tends to break falsely in one direction before reversing more substantially in the opposite direction. And if the market had intended to rally, then gapping up more substantially would have been a more appropriate launch.

Actually, those were just the open’s basis for being skeptical about the bias-up signal. They were in-line with the bigger picture look at there being an opening for sellers between the week’s two seasonally bullish weekends. And sellers were still attracted to “unfinished business below” from last Wednesday.

The morning’s late bias-up did extend to fresh session highs at 2691.00 after 10:15, so its 2693.75 bias-up target becomes “unfinished business above.” Meanwhile, it can remain outstanding, because a sell signal triggered under 2688.75. It has extended through the noon hour to 2683.00. triggering late bias-down.

A retest of oversold RSIs at last Wednesday’s 2679.00 low is the bias-down target. There’s also an objective below it at 2675.50. What there is not is time. At least, not a lot. Whether sellers lose their influence this afternoon, or after gapping down tomorrow, there will be potential for seasonal bullishness into the weekend — look out below if there’s not.