Pre-close View…Bottomed, yet?

Another fresh low, and now also traction.

The Beige Book release was greeted by a no-bias environment, consolidating down to 1991.50. A favorable knee-jerk reaction up briefly pierced the 1995.50 bias-up signal, and then extended back down to 1988.00. A consolidation there broke lower to test 1983.00.

1983.00 is under both the overnight low and its intraday probe. And it has room below to 1978.75-1979.75 if not rejected immediately.

A reaction up is testing 1988.00. It’s a start. Not really. Okay, maybe a little.

This afternoon has been an ongoing series of lower lows and lower highs. The bias environment exit was piercing under the noon hour’s low and the final hour was piercing under the bias environment’s low. Their traction wasn’t decisive, but buyers weren’t making the effort.

Trending up substantially through the 3:10-3:20 timing window might offset the indecisive downtrend. Otherwise the downtrend remains intact.