Going the distance.

Targeting the origin.

Friday”s entire session was spent under 2077.00, and mostly also under 2073.00. A late squeeze had recovered enough to essentially overlap 2073.00 into the close. Just being a Friday made any break suspicious if it didn”t follow-through into trending.

But Friday”s late squeeze was suspicious, too. An extended narrow range had broken higher suddenly right after the 3:10-3:20 window, and peaked before the 3:27-3:52 position-squaring window. That was weak-handed sponsorship. Gapping up Monday and extending higher did not change the rally”s origin.

Now that late surge”s 2067.25 origin will probably be retraced entirely. This afternoon”s 2073.00 bias-down signal would have put into play already, but bias-down didn”t trigger. Neither was it rejected, as it was still being overlapped at 1:20 and 1:30 to signal noN-bias.

Regardless, fresh lows should still extend down to 2067.25, where not recovering back above 2073.00 could be very bearish. Avoiding it might be possible only by exiting the bias environment back above 2079.25 — and nothing suggests that”s in the works.