Down the up staircase.

Session-long rally is inverting.

Gapping up above yesterday afternoon”s high formed a session-long rally setup. Not maintaining the gap up through the open would not have triggered the setup. It was maintained.

Maintained, but not extended. The bias environment wasn”t exited above the first hour”s range. That would not necessarily have been bearish. But exiting the bias environment UNDER the first hour”s range is active rejection.

It”s still possible that the morning bias environment”s dip be the session”s lone counter-trend timing window. Of course, that would require the noon hour to probe above the bias environment”s high. However, now having elapsed more than 61.8%, the noon hour is probing fresh lows.

An inverted setup is as bearish as it could have been bullish. And since the session-long setup appeared in a pattern that was otherwise targeting fresh lows for the week, that”s the minimum objective.

Triggering the 2062.00 bias-down signal at 1:20 — now being tested to within 3 ticks — would help to confirm the trend has reversed down. Meanwhile, rallying would be suspicious until recovering at least 2070.00.