Mid-day Update… Watching that next step.

Noon hour range hangs on to the lows.

The bias environment’s reversal down from 2707.00 had extended to 2682.50 before the bias environment began lapsing. A bounce resolved down to enter the noon hour even lower at 2679.00. And the noon hour extended down to 2666.00.

A lot of selling pressure, and almost all developed in positive territory. This afternoon’s 2679.00 bias-down signal triggered late AFTER having fulfilled its 2669.75 bias-down target. Twice. Its retest isn’t required, and it won’t become “unfinished business” if not retested. But it’s still an attraction during the bias-down environment.

Back above 2684.50 would start to signal momentum reversing up. I would expect it to behave like a short-squeeze relief rally IF it catches at all. Relief from what? Relief from the bias-down environment not extending down through the afternoon, which it’s free to start doing.