Some cross currents. For the record: today can get pronounced weakness as bias is significant toward downward propensity. However, yesterday's outperformance down at the end of the day and the overnight market structure shifted probabilities for a reversion - CYAN market structure projection on chart below. Consolidation or choppy bounce is favored.
Weekly MSP turns down next week and that likely increases the downward propensity of markets as a whole. However, today AM into Monday AM support some up bias. Of course, my approach in this type of situation is to watch the larger timing windows very carefully for modal decisions. Strength into 10 AM significantly improves odds for strength into Monday AM and some positive progress today. If 5 to 6 AM highs remain "high-of-day" or 4:00 AM lows are broken - this is a MAJOR issue for market and can dramatically increase impending downside probabilities.
Normally, the projection for a 5 AM high would be the simple high odds outcome as discussed yesterday. However, some cross currents developed overnight.