E-mini S&P 500: Down, for the count?

E-mini S&P 500 mid-day update: The market is ranging narrowly at the morning's low.

The open's slide down to 2683.25 hasn't extended. Not through the balance of the morning bias environment, or the noon hour, or this far into the afternoon bias environment.

But neither has the decline recovered, or even bounced meaningfully. Ranging about 1 point either way around the 2684.25 bounce limit has left the decline intact. And this morning's offsetting test of its 2681.50 bias-down signal remains in-play.

This morning's drop bottomed too far above yesterday's low -- also 2681.50 -- to be considered optimism. But the narrow ranging is ineffectual, so bearishness from a contrarian perspective is credible.

Back above 2687.00 would start to signal momentum reversing up. But potential to fulfill unfinished business below continues to be likelier