Pre-close View… Expiration’s over.

It’s time to see what this market intends without that influence.

This afternoon’s 1954.50 bias-down signal triggered. Actually, it was already probed during the noon hour. And not by a little. Its 1948.75 bias-down target was probed down to 1944.25.

Before Friday’s open, we were keying off of that area to determine whether the overnight plunge was done. (It was.) Both tests launched bounces. Today’s bounce to 1957.00 probed above the bias-down signal during the bias-down environment.

Groundwork has been laid to avoid resuming the decline. The noon hour’s low filled the gap back to Friday’s 1946.00 cash session close which neutralized its attraction below. Two buy signals triggered during its reaction up to 1957.00.  The bias environment retested this afternoon’s 1948.75 bias-down target as support.

Now the bias environment is lapsing. Back under this afternoon’s 1948.75 bias-down target could undo the groundwork laid by the recovery attempt. Otherwise, back above 1954.50 and preferably also above 1957.00 could target fresh session highs above 1969.00 today.

Note the Falling Wedge / running correction that preceded the low, plunging into and out of it. We’ll be discussing it during the post-market Wrap…