Mid-day Update… Stretched, but not snapping.

Morning reversal has settled into a range.

The reversal from 2259.50 ultimately touched this morning’s 2239.50 bias-up signal as support. That was back when the bias environment started lapsing at 11:30.

Its reaction up touched 2244.25 resistance, which reacted down to 2240.25 support. More than just support and resistance, these are buy and sell signals that would have extended 6 points if triggered. Neither was triggered, and the range persists.

Now the afternoon bias environment has triggered no-bias. The 2240.25-2244.25 signals remain intact. Delaying a recovery in this pattern tends instead to extend the decline. Probing either way would be credible for extending, but fresh lows is likelier.

Anyway, RSIs are oversold at this morning’s low. An attempt at neutralizing it stopped optimistically short by 1 tick from even touching it. The gap back down to Friday’s 2236.50 close can be filled, and if not held, then a deeper decline targeting 2215.00 can resume.