Pre-close View

Hovering just above the lows isn”t the same as basing.

The bias environment began lapsing from above 2093.50, but short of 2095.50 whose recovery would have launched a late-afternoon rally.

Not that sellers have exploited it. Not much. Very narrow ranging just above 2091.00 support has persisted through the position-squaring window.

Presumably, more fresh lows are on their way, and presumably to include a test of 2088.00. But not necessarily before the close. Sellers didn”t gain traction for today”s efforts — the bias environment was exited within the noon hour”s range, and the final hour was entered within the bias environment”s range.

Tuesday is essentially the inverse of yesterday, with the intraday trend not doing what”s necessary to assure extending tomorrow.

Attraction above is lacking momentum from below.

This afternoon”s 2094.50 bias-up signal triggered, putting into play its 2099.75 bias-up target. The bias signal hadn”t been rejected when the bias environment began lapsing at 2:30, so its target became “unfinished business above” that requires being tested eventually.

Meanwhile, the same buy signal that triggered this morning above 2087.25 has held repeated tests of pullback limits along the way. Upside momentum hasn”t matched this morning”s surge, but it”s not just relatively slow… it”s just slow.

Back under 2095.00 would trigger a pullback targeting at least 2092.25, perhaps 2088.00. But the trend otherwise remains up.

Greeting the last hour in position, but without requirement.

Today”s session was expected to range choppily sideways, if not also generally biased upward, at least into late-afternoon.

Late-afternoon has arrived.

The last 60-90 minutes are now free from any particular intraday influences that have inhibited trending. That doesn”t mean trending must being, only that it now may.

Trending up has been a likelier resolution than trending down, and that”s being suggested by having returned to the range”s ~2085.00 upper-end. But any trending attempt that doesn”t quickly extend sharply probably isn”t valid.

Meanwhile, dipping has room down to 2081.50 before suggesting something more substantial than a pullback is underway.

Leaving unfinished business above.

This afternoon”s 2086.00 bias-up signal triggered. It was extended during the bias environment only to 2088.75, which had been tested already before the bias environment began.

And neither was the signal rejected upon exiting the bias environment. So, its 2091.00 bias-up target has become “unfinished business above” that requires an eventual test.

Meanwhile, the final hour has been sliding. Negative territory is being probed by 5 points to within 1 tick of 2077.00, taking RSIs oversold as the position-squaring window opens at 3:37. Closing back above 2080.50 would help to confirm the potential for extending higher next.

Afternoon rally barely skips a beat.

The reaction down from attacking 2075.00 had room down to 2067.25 before threatening to close under 2062.75 which would put into play 2035.00. The pullback limit was attacked with 2 ticks to spare before resuming the afternoon”s rally.

Its 2078.00 objective was probed up to 2080.50 resistance, and room for its reaction down to 2076.50 was touched before resuming the rally again. Now 2085.00 has been attacked, and another pullback is underway targeting 2078.00 or 2075.25.

But not 2067.25 or 2062.75. The test of Friday”s range has held. Buyers already gained traction for their efforts — the bias environment exit was above the noon hour”s high and the final hour entry was above the bias environment”s high.

Their reward should be to trend higher through tomorrow morning”s bias environment, so long as the close isn”t under 2077.00 or 2073.00.