Pre-close View… Another quick rejection.

Morning rally reverses down hard from another new high.

Sunday night’s 2183.00 “new Globex trend extreme” had required being tested intraday. This morning’s late bias-up above 2180.00 got there. It was pierced by 2 ticks as the bias environment lapsing came into view.

A different sentiment made itself obvious soon after entering the noon hour. Plunging to 2177.50 was consolidated into the afternoon bias environment, which only trended down. Its 2173.25 bias-down target was effectively met to within 2 ticks at the low.

I had warned during the rally to be aware of the vulnerability to a downdraft like this. The open’s rally was both light and late, and the bigger picture remains vulnerable to rejecting rally efforts.

Done earlier, the downdraft would have likely recovered to produce the outstanding new high close. It’s not too late for that, and it’s still possible, but it’s not as likely.

If the final hour isn’t at least firming to a new high close, then it will be vulnerable to extending the pullback. There’s still plenty to to below, like test 2171.00 and lower.