Still in the sand, but still swinging.

Big bounce recovering the open, but that”s not yet a bottom.

The break below this morning”s 2021.50 opening low came AT 10:30 instead of earlier. Sellers got every benefit of the doubt, but the door remained open to that being only a temporary false break.

2013.25 was soon met, but nothing deeper. And not for very long. 

A recovery was at least probing back above the open”s 2021.50 low when the bias environment began lapsing at 11:30. And the noon hour”s exit was probing the open”s 2029.75 high.

All of it in negative territory.

The bottoming pattern is credible. The afternoon may yet extend the recovery. But the rally can undermine itself by extending too high too quickly, and not high enough for long enough. In fact, its 2032.25 bias-up target was being tested at 1:20 instead of exceeded to renew the signal, and now 2028.50 is being tested as support.

Back above 2032.25 would get every benefit of the doubt for extending even higher, next targeting 2035.00, and potentially 2041.00. Exiting the bias environment back in the 2021.50-2029.75 opening range would be vulnerable to sliding through the close.