Mid-day Update… Take a deep breath.

Range narrowing in on unchanged. Bad choice.

This morning’s s drop to 1924.50 fulfilled the offsetting test of its 1927.25 bias-down signal. The offsetting test of its 1921.00 bias-down target remains outstanding.

Reacting up through the bias environment’s exit and into the noon hour tested the morning’s 1942.50 bias-up signal. Its resistance held, as did the afternoon’s 1941.00 bias-up signal.

The afternoon’s 1928.00 bias-down signal wasn’t touched. This is a no-bias environment, and it begins lapsing at the bottom of the hour.  Not using that time for rallying away from yesterday’s lows would be vulnerable to resuming the decline when the bias environment lapses.

Probing only slightly into positive territory would be even more bearish, as it reflects last-minute optimism. Shallow optimism before two days of illiquidy doesn’t prevent resuming the decline as the bias environment lapses.