Mid-day Update… Still no reinforcements.

Another gap up being used for distribution.

Unfinished business above remains outstanding at the 2921.25 “new Globex trend extreme,” which requires intraday retest, often the same day. The 2919.25 opening gap above all prior highs wants to be filled, too. Neither is required to be tested within any particular time frame, and a deep reversal down could develop in the interim.

A deep reversal down is trying to develop now. At least, it tried to develop this morning. Post-open action dropped 7 points from testing the 2919.00 bias-up target’s resistance to test the 2913.00 bias-up signal’s support. While 2913.00 defined the window’s lower-end as advertised, it has continued defining the noon hour’s lower-end, too.

Now no-bias has triggered, and the next 45-60 minutes should be range bound. That range includes the afternoon’s 2908.00 bias-down signal, which would fulfill a probe into negative territory. Unfinished business above wouldn’t prevent extending lower, but would inhibit it anyway. Otherwise, back above 2915.50 would start to signal the unfinished business may be in-play, first.