Mid-day Update… Tease.

Last week’s lows hold a test, for now.

A bounce had become likely last week, after holding several tests of “lower prior highs” at 2625.00 through relevant timing windows. The bounce was not arbitrary, having neutralized attractions above. So, there is no bullish reason to revisit 2625.00.

And having chipped away so thoroughly at 2625.00, any bounce produced by its retest should be only obligatory. Actually, having chipped away so thoroughly at 2625.00, any bounce should be unlikely. But its test has reacted up to 2637.50.

The 2625.00 test wasn’t arbitrary. It bottomed upon testing this afternoon’s 2622.75 bias-down signal. Triggering bias-up would have been bullish, but only noN-bias triggered by still testing the 2633.75 bias-up signal both at 1:20 and 1:30. Its resistance doesn’t require holding, and its bias-up target doesn’t require being met.

Not yet leveraging this retest of 2625.00 into a new downleg today would undermine sellers greatly. A probe back into Friday’s range would become very likely. Back under 2633.00 would start to signal another attempt underway.