Mid-day Update… Stunning turn of events.

Retracing back to yesterday’s highs.

Testing and exceeding Wednesday’s 2139.50 prior high at 9:45 had put into play the next higher objective at 2144.00. Renewing the bias-up signal above its 2136.00 bias-up target at 10:15 had put it into play, too.

It was attacked to within 3 ticks, which is close enough to neutralize its attraction. RSIs diverged negatively. Potential to 2150.00 was cut short. Perhaps it was hawkish comments from BOE’s Carney that sent price down sharply.

The bias environment began lapsing at 11:30 back under its 2136.00 bias-up target, probing under its 2131.00 bias-up signal. That action would have put into play offsetting tests of both bias-down parameters, if done through 10:15. Doing it through 11:30 does at least undermine that upside sponsorship.

There’s no particular downside requirement, as this action would have triggered through the open. Yesterday’s 2126.25 cash session close has only been attacked to within 2 ticks. But this is Friday. And not quickly rejecting the late-morning slide for being a temporary correction would make recovering later much less likely.

Already, the decline has extended 3-minute RSI diverging positively twice. Extending down just once more without an interim bounce would suggest the morning’s drop is about to extend substantially. Avoiding the afternoon bias-down — preferably, triggering bias-up — may be the only way to avoid melting down into the weekend.