Mid-day Update… Stopping optimistically short.

Retesting same level that held Friday’s drop.

Friday’s low formed when its intraday decline filled a three-week old gap back down to 2160.00. Its “unfinished business below” was one of several that offered context to the subsequent rally being unsustainable. Anyway, its late-afternoon test couldn’t attract new sponsorship, and price bounced into the weekend.

Now Monday’s interim rally to 2181.50 has been retraced to retest 2160.00.

The test this time is shallower, barely piercing 2160.00. It did trigger the 2164.50 bias-down signal, and its target is to probe 1 point under Friday’s 2157.50 bias-down target.

Today’s price action is entirely in-line with the massive topping rolling over. But even if we knew with a 100% degree of certainty the bounce would resolve down, a bigger detour can’t be dismissed. Not too much — there’s still limited time for a drop to get underway or out-of-the way.