Mid-day Update… Stretched.

Weak-handed rally corrected, not yet reversed.

This morning’s 2725.75 bias-up signal held a clean test to trigger no-bias. It broke later up to 2732.00, requiring its retracement. Which the noon hour did, down to 2720.50. This afternoon’s 2721.50 bias-down signal avoided triggering. So, this is a no-bias environment, with no objective in-play.

But the 2721.50 bias-down signal is still  an influence. It should define this window’s lower-end.

This morning’s bias-up signal was supposed to do that, and did, ultimately. Just hovering above or around the bias-down signal until the bias environment lapses would be likely to break lower then. But bounces must recover 2726.00 to even begin suggesting a bigger bounce may be underway.

Meanwhile, the bigger picture continues playing out. Rallying prematurely this morning has failed, retraced totally to unchanged. A late afternoon rally would be credible, but not until it starts developing. There’s no requirement to trend again today, so beware of false starts.