Backing-and-filling has its limitations.

Still ranging in negative territory.

This morning”s second most bullish scenario — if not already  recovering through the open — was to recover after spending the morning backing-and-filling in negative territory. In fact, the morning”s no-bias environment was spent doing just that.

But the setup also should have begun recovering through the noon hour. That wasn”t just optimal, but appropriate. Yet, the noon hour ranged sideways around Friday”s 2050.50 cash session close. And the afternoon”s no-bias environment is probing this morning”s post-open lows down to 2041.00.

None of which changes that there is “unfinished business above” at 2055.75. Which itself doesn”t prevent a deeper detour that at least retests the overnight low. But reversing momentum back up, if credible, should be steep and substantial to compensate for the delay.