Mid-day Update… Stuck in the mud.

Decline and recovery both getting nowhere. Slowly.

The ranges are different with each timing window. But the market is range bound.

The open’s collapse ultimately triggered no-bias by holding a test of the morning’s 2835.50 bias-down signal. The balance of the bias environment was contained between the 2835.50-2843.00 bias signals. Probing higher into the noon hour was only temporary, and didn’t extend. But its reaction down only touched the afternoon’s 2840.75 bias-down signal, and didn’t trigger.

Back under 2841.50 would be credible for starting to break lower. Especially if the bias environment lapsing is at least within view. Meanwhile, there’s still potential for bouncing back to the highs. This morning’s last dip and now this afternoon’s last dip each had potential to extend down — and didn’t. Probing back above 2848.00 again this late in the day could marginalize sellers.