Mid-day Update… Struggling to hold.

PROGRAMMING NOTE: I AM AWAY FROM THE SCREENS UNTIL THE FINAL HOUR.

The overnight slide from 2481.50 down to 2422.50 was probed by another 10 points down to 2412.50. That was during the open, which had initially tried rallying through 2445.00. The dip to 2412.50 was recovered to attack 2445.00, and its retest has reacted down again.

Now this afternoon’s 2423.00 bias-down signal has triggered late, targeting 2412.75. Any lower would next target 2406.00, and under 2403.00 would target 2496.00. It’s a series of dominoes that leads either to ending a correction of yesterday’s rally, or else to its complete retracement (probably).

Meanwhile, about that first domino…

All of the overlapping legs from this morning and through the noon hour have formed a circular argument of false starts. The bias environment exit’s last surge back up to 2445.00 should be the last rally effort, so the decline should be coming shortly. But delaying it through the afternoon bias environment could resolve up out of relief.