Down is difficult, but it’s the only alternative.

Gap down absorbed entirely. And then completely.

This morning”s premise was that the overnight drop would be recovered, and the rally would resume. The 2035.25 bias-down signal held its test through 10:15, putting into play an offsetting test of the 2046.25 bias-up signal.

It wasn”t a straight shot. An early surge to almost 2043.00 had reacted down 10 points, back under the bias-down signal to 2033.25. But it was too late to trigger, or to invalidate what had triggered already at 10:15.

The balance of the morning extended higher until touching 2046.25.

Price action since then has dipped to 2039.50. If this is only a corrective dip, then a retest of prior highs today remains possible, if not tomorrow. Otherwise, the dip can become a problem. First, there is no “unfinished business above” — nothing generated by this current rally leg. Second, any lower would start to trigger a sell signal. And a sell signal at this stage could still reverse the trend down.

Back above 2043.00 would start to signal the dip was only corrective, and that it is done.