Mid-day Update… Stable and flat.

Narrow range persists.

Germany and China are both closed today. They’re also both asleep now. Or close to it. But this morning’s narrow ranging persists. The lack of volatility hasn’t attracted new sponsorship, so the market continues hovering at or under the 2529.50 overnight high.

The overnight high is a “new Globex trend extreme” that required intraday retest. Now the attraction above is neutralized. RSIs aren’t overbought, so there’s no other “unfinished business above.” Dropping from this pattern tends to begin suddenly.

Retracing ground is a lot easier than forging through untouched territory. Breaking higher would still be credible for extending since counter-trend sponsorship is no easier to attract. But the greater vulnerability is back down — this morning’s 2520.25 is “unfinished business below,” as is Monday morning’s 2509.50.