Mid-day Update… The next step is pivotal. Literally.

Pivotal correction forming. Has Globex-flip lapsed?

The open tested the 2798.00 earlier Globex low, indicating the morning would trend down. It didn’t hold. The 61.8% retracement between the opening print and Friday’s cash session close was touched at the 2773.50 low. It held.

Bouncing into the afternoon bias environment came within 1 point of its 2791.25 bias-up target. Being a bias-up environment, its 2784.50 bias-up signal should define the window’s lower-end — at least requiring its retracement if probed below. It’s being probed below.

We prefer that an objective be met to within at least 3 ticks, or else it becomes “unfinished business.” So, 2791.25 will become unfinished business above if not met. While coming within only 4 ticks isn’t optimal, it’s not a deal killer if momentum wants to reverse down. And currently a reaction down is testing 2780.00.

Only the noon hour has rallied, not the afternoon bias environment. We’re not yet assured that the bearish Globex-flip won’t be influential tomorrow morning, too, targeting 2763.00.