Mid-day Update… That’s gonna leave a mark.

Too deep to be temporary, but what about a temporary bounce?

The open’s slide from 2565.00 extended substantially lower, testing and attacking all sorts of relevant prior lows down to 2541.50. But it may be done, or at least bottoming. Maybe. Entering and exiting the noon hour under 2554.00 has created a weak base to try launching bounces.

The Employment Situation report’s intraday low was 2541.50. Reacting up from touching it during the noon hour is very likely only an obligatory bounce, i.e. temporary. That bounce could extend, back up to 2554.00 or higher. It just touched 2550.00.

Meanwhile, this afternoon’s 2546.75 bias-down signal just avoided triggering. Its 2540.75 was attacked to within 3 ticks, so it wouldn’t have become “unfinished business below.” But the target’s test would be likely if 2546.75 doesn’t hold through 1:30. Back under 2546.00 at any time would target fresh lows.

Retesting the highs before probing lower to 2536.00 is now unlikely. Not without closing at least above 2563.75. And probing lower could extend much deeper than 2536.00.