Mid-day Update…Turnabout is fair play.

Morning bounce absorbed, bearish WedEX in-play.

This being a Friday, an afternoon decline didn’t depend on the open breaking lower. In fact, the market followed the bearish pathI outlined during the Market Tour and retraced its morning rally coming out of the bias environment.

Retraced, but not rejected. Buyers were absorbed, but the trend had not reversed down. Testing 2800.00 was retraced back under 2780.00, but yesterday’s 2786.50 noon hour high was still being overlapped at noon.

That leaves the ground fertile for launching another downleg, but it still needs to be launched. Perhaps it just was, triggering this afternoon’s 2783.25 bias-down signal. But only triggering bias-down, despite having probed 10 points under its 2777.00 bias-down target in the interim.

Now this afternoon’s 2783.25 bias-down signal is being attacked as resistance. Its test should hold, since the afternoon’s bearish WedEX is now influential. It triggered by proxy, so it’s not optimal, but it still gets every benefit of the doubt so long as 2786.50 holds as resistance.

Back above 2786.50 would start making an afternoon rally likelier. The bearish WedEX is sub-optimal and the bias-down target is met and held. Both are loopholes that Friday afternoon’s have a way of leveraging into a reversal. So, regardless of their likely influences, be aware of the potential for another rally.