Mid-day Update… Still only temporary?

Probing lower, at a suspicious time.

Monday’s open did not recover 2149.00, which was also the bias-down target. But fresh lows did give a bounce its best chance, as knee-jerk sellers could only temporarily probe under overnight lows down to 2141.25. A bounce retested the opening high up to 2149.50.

That was too late to qualify as a recovery, which was probed by its reversal to fresh lows at 2140.00. And now that has been probed down to 2137.75 — 1 tick under the afternoon’s bias-down signal, during a no-bias environment.

So, once again, a bounce’s best chance is to have expended all available selling pressure. RSIs improved or diverged positively, at relevant support, when least likely to gain traction for the effort.

Having probed fresh session lows during the afternoon bias environment, exiting the bias environment back above a prior high like 2144.50-2145.00 could trigger a short-squeeze through the close. The decline otherwise maintains its momentum, which is very dangerous at this spot in the chart.