Pre-close view… Detour done.
So, which was the detour — morning”s dive, or afternoon”s rally?
Extending this morning”s bounce above 2110.00 wasn”t expected, but it was expected to mean an even more substantial corrective bounce underway.
The bounce did trigger a buy signal above 2109.25. This afternoon”s 2112.00 bias-up signal triggered. And now this afternoon”s 2118.00 bias-up target has been met to within 1 tick.
Still just a detour? That”s affected less by its measurements than by timing window action. And this afternoon”s bias environment began lapsing at 2:30 above all prior timing window highs. Whether shallow or steep, it”s all relative, and it”s difficult to reverse that degree of strength.
Now the bias environment is fully lapsed upon entering the final hour, retracing a dip to 2114.50. A fresh low would be credible for resuming this morning”s decline, very aggressively — unfinished business below remains outstanding at 2098.50.
Trending to fresh session highs above 2118.00 through the 3:10-3:20 window would target 2121.25 and potentially also 2124.50. Closing above 2121.25 could launch a brief probe this week of new highs.
