Never too late for a late signal. Not lately.

Not much trending. Not, yet.

The 2122.75 pre-open high never got complex, so it never became a “new Globex trend extreme” that would have required being retested intraday. Its reaction down ultimately extended to 2113.25, but that was just the lower-end of congestion centered around 2115.00. 

2115.00 is the line-in-the sand between trending down or bottoming. A mid-morning bounce to 2118.00 was retraced right back down into resuming the congestion centered around 2115.00. 

Ranging narrowly around 2115.00 isn”t in itself predictive. But not breaking under it through timing windows changes, despite being well postured, does undermine sellers. Since 2115.00 represents yesterday”s last relative lows, which are holding, the burden of proof is on sellers despite spending the morning in negative territory.

There is still room for noise down to 2111.75, Not recovering when the noon hour lapses would be bearish. Its dip would otherwise be irrelevant. There is also room for noise up to 2117.50. Exceeding it at any time would start signaling the overnight high”s likely retest is underway.

Remember that a bullish WedEX triggered. It triggered late, so any of the foregoing bearish scenarios would take precedence. But holding 2115.00 through timing window changes does keep the door open to trending up this afternoon.