The last failed bounce extended down without delay to fresh lows at 1915.00 . Hope springs eternal, and Thursday's last failed bounce to 1928.25 was attacked to within one tick. That was into and out of Europe's opens. And that was the end of that. A new down leg fell to new lows at 1911.25 .
Much of the night was spent in a narrow one-point range for the E-mini S&P, hovering just under Thursday afternoon's 1965.00 highs. Sliding into and out of Europe's opens tested the range's 1959.00 lower-end.
Not holding a test of 1982.50 support through 9:45 was this morning's preliminary signal that the bias-down would trigger. And 1982.50 support did not hold. In fact, at 9:45, this morning's 1979.75 bias-down target was being attacked.
Today the E-mini S&P is up 5 points to 1988.25, inching closer towards the key 2000 level. We would not be surprised if this level was even hit tomorrow, especially if both Yellen and ECB chief Mario Draghi assure markets that stimulus will be here to support equities.