Mid-day Update… Stewing.

Low’s retest holds. So far.

The post-open collapse from 2553.25 ended in a blip-down to 2543.00. Its 4-point reaction up was consolidated until the noon hour. That’s when the consolidation finally resolved down, piercing the morning’s low by 1 tick and neutralizing its oversold RSIs.

The door was open to extending down. Remember, there’s no unfinished business above, and probing under yesterday’s 2539.25 low could launch a new downleg. Noon hour noise may have helped to avoid all of that, as it recovered up to 2548.00.

Holding an extreme’s retest is difficult to break during the same session. The post-open collapse’s low was retested during the noon hour, and their interim high was probed. So the door is open to extending higher, too.

Back under 2545.00 would start to signal that more fresh lows are coming. And more fresh lows coming in this pattern would be very bearish. Meanwhile, a bounce up to 2550.00 is likely.