Mid-day Update… Tooth and nail.

Post-open bounce retraced, for awhile.

Greeting the open at 2700.00 had reacted up to 2713.25 and 2718.75 targets. And higher to 2723.50, but too late for the extra effort to earn any extra reward. Too late, because the 2717.00 bias-down signal had triggered cleanly, and it wasn’t recovered in time to invalidate it.

Any doubt otherwise has been countered by dropping back to the open. Not only the open, or not really the open, but 2701.50. There’s nothing bullish about its retest. Its re-re-retest including the overnight action. Even if recovered again, the existence of these two new intraday tests can’t be undone.

So, the ongoing question is whether the eventual negative consequence can be delayed by yet another detour up. The afternoon’s 2708.00 bias-down signal was just invalidated after having triggered cleanly. There’s no requirement to retrace 2708.00 unlike this morning. But 2708.00 happens to be a calculable sell signal, and back under it would signal the drop resuming.

Meanwhile, invalidating a bias signal has no objective. The 2699.00 bias-down target could be fulfilled anyway. And there already being no bullish reason to revisit 2701.50, its break this afternoon would be likely to extend down sharply.