Mid-day Update… They’re still waiting.

Stuck in this morning’s defensive range.

The next lower objective for this morning’s drop was 2921.25, and it was tested as the first hour ended. Its bounce was rejected by a 6-point plunge to test 2918.00 as rumors emerged about a possible DOJ resignation/firing.

Perhaps the first bounce was headed higher if not for the knee-jerk reaction down. That reaction down recovered above 2919.00 to avoid exiting the bias environment with something more substantial in-play. A second bounce got to 2926.00 as the bias environment lapsed.

But price action has only settled in, and settled down, fluctuating between 2919.00-2923.00. This afternoon’s 2921.00 bias-down signal just held to trigger noN-bias. Back above 2924.25 would start to signal a bigger bounce underway, but it’s not required. And waiting for more news or closure makes any trending difficult.