That which doesn’t reverse the trend refuels it.

Corrective dip ahead of two high-profile events.

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The 2119.75 morning bias-up target”s retest held. It wasn”t even pierced. And its reaction down slid under the 2116.00 area to reverse momentum down.

That could have ended in the 2111.00 area. And it did, MOMENTARILY, attacking it to within 3 ticks before bouncing. But the 2116.00 area held as resistance, and launched another downleg into the noon hour.

And through it. This afternoon”s 2110.00 bias-down target was touched just after 1:20 had signaled bias-down. 

Its reaction up to 2109.00 doesn”t mean the bottom is in. Back under 2106.25 would target 2103.00. Exiting the bias environment any lower would suggest a much bigger downleg is underway into Wednesday morning ahead of that afternoon”s FOMC policy statement. 

Meanwhile, the alternative to extending down under 2103.00 would be to rally — to new highs.