Mid-day Update… Treading water.

Gap down not yet extended.

Gapping down to this morning’s 2181.25 bias-down signal had extended immediately to touch 2177.00. Its first reaction up to 2182.50 has yet to be exceeded, despite the initial break lower having yet to extend. Regardless, the 2174.25 bias-down target became “unfinished business below.”

Ranging narrowly this morning was contained essentially between the resistance of the 2181.25 bias-down signal, and an inflection point at 2179.00 as support.

2179.00 has been broken, but not deeply enough to trigger this afternoon’s 2177.00 bias-down signal. Price is consolidating optimistically short of touching 2177.00.

Breaking under 2177.00 before the bias environment begins lapsing would be “no-bias trending” that requires being retraced before a deeper drop would be credible. Delaying the break or overlapping 2177.00 until then could trend down into the close.

Potential for bouncing instead can’t yet be dismissed. But the nearest buy indication of momentum reversing up wouldn’t be triggered under the 2183.00 area.