Mistaken identity?

No surprise: Spike up in reaction to headline surprise.

A headline-sensitive market in a headline-rich environment continues to twist and turn like a tennis match. 

Trending down through the noon hour”s second half fell 11 points from 2064.50 to 2053.25. The 2057.50 bias-down signal triggered along the way. Its 2052.25 bias-down target was attacked to within 4 ticks.

Oversold 1-minute and 3-minute RSIs at the low require its retest. That is regardless of the bias-down target”s calculation, and whether 4 ticks is close enough to neutralize its attraction (1 more tick is normally required).

And its retest was in process, after bouncing back to 2057.50. Then a Ukraine-related headline triggered a 7-point spike up to attack 2062.00. Its being retested now after another dip held 2057.50.

This afternoon”s bias-down signal and unfinished business below undermine the upside. But they don”t prevent it. Unfinished business above remains outstanding. back up through 2064.50 would confirm fresh highs are in-play prior to revisiting today”s low. Back under 2059.25 would target fresh lows. Again.