Mid-day Update… The tariff dip’s grip persists.

Morning bounce retraces fully.

Rallying out of the 2778.50 open got to 2784.00 where a reaction down was likely. Reactions down, plural, failed to reverse momentum down. Higher highs attacked 2788.00. Then breaks under 2784.00 probed under the open down to 2775.50.

Probes, plural, under the open. Which all held this afternoon’s 2776.50 bias-down signal to avoid triggering.

Coincidentally… unless Secretary Mnuchin is monitoring… a headline almost immediately followed, triggering a 5-point surge that extended to attack 2783.00. It was non-financial, and has now been retraced back down to 2776.50.

Was the headline responsible for not triggering bias-down? The headline’s reaction could have extended 5 ticks higher to this afternoon’s 2784.00 bias-up signal. Stopping short might reflect the ongoing attraction to retesting overnight lows. Whether to 2768.50 or 2761.00-2762.00, fresh post-open lows remain likely so long as 2784.00-2785.00 isn’t recovered through a relevant window.