Pre-close View… A little too comfy.

Ranging sideways at the lows.

Since testing and retest 2035.00 — to within 3 ticks, and then by 3 ticks — a bounce had room up to 2048.00 just as noise. Eventually only 2046.00 was touched, and only momentarily.

Perhaps stopping pessimistically short of its potential is the most bullish observation about today’s decline. From a contarian perspective, that reflects caution among buyers. There wasn’t much of that at this morning’s 2079.75 high.

That contrarian view suggests more have already sold, and will be less able to apply downward pressure to the market. This doesn’t mean sellers are done. So long as 2048.00 isn’t recovered, a fresh low remains possible, targeting 2030.50. But it would be vulnerable to recovering.

Otherwise, extending under 2030.50 would next target 2027.00 and 2022.00.