Mid-day Update… Turnabout.

Target’s test fails earlier… dips deeper?

This morning’s retest of its 2739.25 bias-up target and of the 2741.00 overnight high got to 2741.25. Trending down since then fell initially to the morning’s 2733.00 bias-up signal while the bias environment was lapsing. Now it has extended to trigger the afternoon’s 2730.50 bias-down signal.

Quickly fulfilling this morning’s bias-up target allowed its earlier rejection. But the reversal’s timing was not optimal — breaking lower as late as possible, and including a couple of big blips-up, albeit temporary — so, this reversal isn’t necessarily sponsored by strong-handed sellers.

The bias-down signal was probed down to 2726.25, whose oversold RSIs were just retested. Interim support before the 2721.50 bias-down target is at 2725.25. Meanwhile, the test of 2726.25 is reacting up to attack the 2730.50 bias-down signal as resistance. Another big blip-up? Back under 2725.25 would help to confirm it’s only temporary.