Mid-day Update… Stunned.

Ranging narrowly sideways, not a care in the world.

This morning’s bounce up to 2446.50 trended back down to 2438.00 as the bias environment lapsed. Only firming since then back up to 2444.00, the afternoon bias environment triggered no-bias above 2442.00.

A constant rule on Fridays is that something tried and failed in the morning is likely to fail if tried in the afternoon. Today, that’s the morning’s recovery effort. It can be overcome, but buyers are held to a higher standard of proof. Exiting the noon hour at fresh session highs would have worked, but that window has closed.

Attempts to trend away from 2442.00 won’t be easy initially. A sustained break probably needs to be aggressive to be credible. A shallow break that doesn’t immediately recover could begin attracting sponsorship might deserve several minutes before its opportunity to extend can be dismissed.