Mid-day Update… Start and stop. Stop. Stop. Start and

Overnight rally retraced but not reversed, also not resumed.

Already testing yesterday morning’s 2169.50 lower prior highs pre-open was sufficient to launch a recovery. Holding a post-open test of 2169.50 would have been more reliable. And probably more successful, since the post-open bounce only tested 2176.25 before falling back down to 2169.00.

2169.00 was still being tested as the afternoon bias environment began. The bias-down signal was another 2 points lower, so it didn’t trigger. It hasn’t been rejected much yet, either. Bounces are only attacking 2173.00.

Not rallying this morning would have been likely to produce a new downleg. Not yet reversing down by now suggests any later attempt will fail. Regardless, trending out of the bias environment in either direction would be likely to extend.