7 for 7.

Another gap down absorbed and reversed.

There have been seven consecutive gaps down, although the last two were only modest. But none has extended down.

Two of the first five gaps down were reversed intraday to new highs. The past two that gapped down only a little were also reversed intraday to new highs.

Absorbing morning weakness is a reflection of accumulation. Eventually, after rewarding accumulation by so much for so long, even the most bullish scenario must introduce a dip that is much more dramatic.

Considering that the rally didn”t actually gain traction from yesterday”s new high close, any near-term peak precludes today”s extension from gaining traction either. If the bias environment is exited at 2:30 above the noon hour”s 2114.75 highs, which is currently 3 points lower, then the final hour should be entered under 2114.75 to avoid confirming.

Exiting the bias environment back under 2114.75 could continue reversing down into the afternoon. Regardless, topping this week seems to depend upon rejecting this afternoon”s probe of new highs.