Mid-day Update… Stuck in a rut.

Post-open bounce stops short. And then stops.

Gapping down to 2268.00 and extended down to 2263.50 was recovered during the morning bias environment back up to 2270.25. That’s 1 points short of filling the gap back up to Friday’s close. So, pessimistically short.

The noon hour and the afternoon bias environment have ranged back down to 2266.00. Stuck in negative territory, but not extending down. So, ineffectual pessimism.

Each is potentially bullish from a contrarian perspective. Potentially, because it must be exploited within certain time frames, like a timing window’s exit. A timing window is within view of exiting now, and fresh afternoon lows have touched 2264.50.

Any deeper through the bottom of the hour could trend down into Wednesday morning. Back above 2267.75 by the top of the hour would more likely reverse into positive territory, targeting at least this morning’s “unfinished business above” at 2275.50.