Mid-day Update… Too much ballast.

Attempted liftoff still barely hovering.

This morning’s detour ultimately bounced up to 2861.00. The 2851.00 bias-down target was only attacked to within 2 points, which does not qualify as fulfilling it. So, it becomes “unfinished business below.”

Any interim bounce should be only noise. Noise within negative territory, like this morning’s bounce (RSIs diverged negatively during the momentary probe above 2859.00-2860.00). Noise up to this afternoon’s 2862.25 bias-up signal during the no-bias environment.Noise back up to yesterday’s high under 2864.00.

Any higher would not be noise. So, any higher would be unlikely. And any higher would be problematic to the likely downside resolution. We’ll address that if it develops.

Meanwhile, ineffectual optimism has a cost. The market might compensate for the detour by probing under 2851.00. Or by breaking to the next lower support at 2841.00-2843.00. We’ll address that, too, if it develops.