Mid-day Update… Are they through, yet?

Opening slide resumes, extends. And ends?

Extending the pre-open slide down to 2441.50 was likely. In fact, its test defined the open’s low. Reacting up 4 points was impressive, and confirmed the level’s relevance. But the open wasn’t recovered, let alone positive territory.

Exiting the morning’s bias environment back at the open’s low created a new objective down to 2437.75. Its test has reacted up sharply to test the morning’s “higher prior lows” up to 2442.50. Its catalyst was the start of a tax reform speech by House Speaker Ryan.

The speech’s timing helped to isolate the probe under this morning’s low to the noon hour — the noon hour was entered above the morning’s low, and exited back above it. This setup can be a very powerful reversal.

First things, first… attract new sponsorship. Too deep of another detour and too long of a delay in extending the recovery, would suggest new sponsorship isn’t being attracted. Entering the top of the hour back above 2444.00 would be helpful, if not also optimal, and could extend back above yesterday’s highs.