Mid-day Update… Taking the edge off.

Morning drop loses steam.

This morning’s drop ultimately extended down to 2854.50. It found its low at Friday morning’s “lower prior highs.” Its reaction up began exiting the bias environment back above its 2860.25 bias-down target. The noon hour’s entry tested 2860.25 from a bigger bounce.

That was more than enough to suggest the morning’s sellers were fulfill, and their drop failed to gain traction. This doesn’t necessarily default to reversing up, but it is constructive to a recovery. Buyers must still gain traction, which they narrowly avoided by triggering noN-bias at this afternoon’s 2866.25 bias-up signal.

Bouncing through the noon hour had extended up to 2868.25 before dipping 4 points. Any lower would start to suggest sellers were trying again. Otherwise, exiting the afternoon bias environment at 2:30 in rally mode would next target a retest of last night’s 2878.50 highs.