Waiting it out.

Noon hour bounce fails to gain traction.

The morning’s 1944.00 objective was touched precisely. That wasn’t necessary, only that it be overlapped. Nevertheless, it was recovered to attack 1956.50. That was the noon hour’s high, and now its reaction down to 1947.50 has avoided triggering this afternoon’s 1952.25 bias-up signal.

That sums up the afternoon — no downside requirement, and an upside seemingly content with trading well into positive territory for the day.

None of which prevents or even prohibits extending down much deeper. Holding 1952.00 earlier would have been optimal to a pullback. In actuality, that was probed 5 points. So, either the pullback rubber band has been stretched unnecessarily tight (which should be proved by surging higher), or it’s about to break lower.