Mid-day Update… Wide open spaces (Also: Programming Note)

Bias-down target met, held, and reacted.

[This morning’s pre-market Tour recording file was incorrect. I had updated its link in the blog post and sent a follow-up post which I’m hearing some did not receive. If you’re among them and interested, then here is the Tour.]

THE POST-MARKET WRAP WILL BEGIN 15 MINUTES BEFORE THE CLOSE AT 3:45 ET.

Reacting down from this morning’s test of the 1856.50 bias-up target fell all the way to the 1834.50 bias-down target. Its recovering into the bias environment exit tested 1851.00.

Not volatile enough? Sliding from there into and out of the noon hour triggered the afternoon’s 1834.50 bias-down target and met its 1829.25 bias-down target (to within 1 tick). And despite this still being a bias-down environment, probing above its bias-down signal just touched 1848.00.

As suspected this morning, today’s market has no interest in sitting still, and it has a wide range to do it. But it is not trending. It is neither extending yesterday’s decline nor is it reversing up.

One theory being mentioned in the chaRTroom is Yellen’s congressional testimony tomorrow. Regardless, the bias environment is now within view of lapsing 10-15 minutes from now. Extending to either end of today’s range would have a better chance at trending through it.