Mid-day Update… Waiting for bias.

Unfinished business below is neutralized.

Stopping optimistically 3 ticks short from touching yesterday’s 2263.50 low did not satisfy it. It was an actual print, and not just a calculable objective.

Reacting up to 2269.75 was retraced almost entirely, also stopping optimistically short of touching the 2264.00 low. The next bounce resolved down to a fresh low at 2262.25, satisfying the objective.

Reacting up again attacked the 2268.75 bias-up signal during the noon hour held. This is a no-bias environment. Probing a little higher would have been allowable, but instead another dip is attacking 2264.00. There’s room down to the 2260.50 bias-down signal during the no-bias environment.

Trending gets more difficult as tomorrow’s FOMC statement approaches. But another downleg would be allowable after the bias environment begins lapsing. Its break would have potential to test 2248.50.  Back above 2268.75 would target a retest of the 2276.75 overnight highs.