Mid-day Update… The pressure stays on.

Another bias-down.

This morning’s 2907.00 bias-down signal triggered, and its 2900.25 bias-down target was probed by 1 point. Bouncing into the noon hour attacked 2906.00, but never recovered this morning’s bias-down signal. And now this afternoon’s 2901.50 bias-down signal has triggered.

Already, that has produced a fresh post-1:20 low, which essentially confirms the signal. Fresh lows are attacking its 2896.50 bias-down target to within 6 ticks.

None of which gets the rally any closer to resuming this afternoon, although the pullback still has room to test 2897.00 without even threatening to reverse the trend down. And then that threat could test 2887.00 before actually reversing down. But the rally is likelier to resume — sooner, rather than later — and doesn’t otherwise benefit from further backing-and-filling.