Mid-day Update… Treading water.

Bounce back up to yesterday’s low still holding.

The morning’s bounces had attacked and pierced yesterday’s late 2467.50 low as resistance. The bounces were shallow enough to maintain the downward momentum, but suspiciously numerous. The last reaction down was suspiciously shallow, holding 2463.50. Sellers weren’t exploiting the gap down.

The bias environment exit squeezed in one more bounce back up to its 2469.25 bias-down signal. The noon hour fluctuated around it initially, then reacted down from it eventually. So, buyers failed to exploit their opportunity, too.

Now the afternoon has triggered no-bias. There’s room to dip to the 2464.50 bias-down signal while awaiting the bias environment lapsing. This would be optimal for keeping live potential for a new downleg today. That potential disappears if fresh session highs were to do more than just fill the gap back up to yesterday’s 2472.00-2473.00 close.