Mid-day Update… Step one: Stop falling.

Is the pullback done?

This morning’s break from the overnight sideways range made up for lost time. Sliding from its 2929.00 open extended through its bias-down signal to test its bias-down target down to 2919.25. All during the first 15 minutes.

Reacting up touched the morning’s 2927.75 bias-down signal as resistance, and then plunged again. Bias-down renewed, and the 2914.25 renewed bias-down target was touched at the low. All during the first hour.

Rallying almost straight up to noon touched 2935.00. That’s where the pre-open slide had originated, having held the last overnight bounce. And so far, 2935.00 has held this morning’s bounce, too.

Now this afternoon’s no-bias environment is holding the bounce. Extending higher anyway could have extended to test its 2938.25 bias-up signal without requiring any retracement. And now that the bias environment is lapsing, its resistance is diminished.

Nothing requires extending higher today, or at all, but not yet reversing down under 2930.00 is likely to extend higher today — if not also tomorrow morning.