Mid-day Update… Take-backs.

Pre-open recovery gets retraced entirely.

The overnight probe under yesterday’s lows was isolated thanks to a headline that diminished the US-China trade war. That produced an Isolation setup whose reward was at least to retest yesterday’s 2735.25 high. The recovery ultimately extended up to 2748.00, testing room for noise above Monday’s opening 2744.50 gap.

The market has reversed down since then almost relentlessly. This morning’s 2729.00 bias-up signal was attacked as support, 19 points off of the high. Which was overshadowed by the 26-point drop to attack 2715.00.

That’s 33 points under this morning’s high, and 10 points above the overnight low. Any fresh low will likely have resumed the overnight decline, which had itself tried resuming Monday morning’s decline. Support at 2711.00 would be the last opportunity to recover from fresh lows.

Meanwhile, the 2715.25 low occurred at the 1:20 bias timing window. So, exiting the bias environment back above its 2724.25 bias-down target could end the decline. For today.