Mid-day Update… The first rule of holes.

Target met and held at the low. So far.

This morning’s test of 1989.00 was exceeded only by 3 ticks. Just attacking it to within 3 ticks would have sufficed. Its reaction up through the noon hour reached 1914.00. Such strong hands must be secure in their bullishness.

Or, was that just a knee-jerk reaction to fulfilling so much selling pressure so quickly? The probe above this afternoon’s 1910.75 bias-up signal avoided triggering. And its reaction down has tested 1902.00.

So long as the next lower objective is contained within the first available timing window, new sponsorship is difficult to attract. That increases the potential for a bottom to form. So, breaking under 1918.00 through a relevant timing window put into play 1898.00, and both conditions were triggered and met this morning.

None of which says the drop has bottomed or that the trend has reversed up. But the first rule of getting out of a hole is to stop digging. So, there’s that.