Mid-day Update… The weekend cuts either way.

Impending illiqiudity can be a call to action.

Gapping down to touch 2176.75 was retraced to its 2183.00 target. The gaps back to yesterday’s closes were filled, and price immediately began reversing back down. Most of the bounce was returned already when the noon hour ended.

Then a strong rig count sent price to fresh lows at 2175.50. This afternoon’s 2176.00 bias-down signal magically reached out and stopped the slide short of 5 points. Its bounce has been shallow, but enough not to trigger bias-down.

The bias environment lapsing will see existing sponsorship lose interest, and offer a window for new sponsorship to take control. Two days of impending illiquidity can force moments of clarity. Nothing requires the pattern to change from defending against a decline to promoting it, but breaking under 2176.00 would suggest that’s happening anyway — and in a very big way.