Pre-close View… Hanging by a frayed thread.

Backing-and-filling expanded.

This morning’s retracement had room for noise under its 2053.25 bias-down target to 2050.50. Repeatedly testing 2053.25 never got to 2050.50. But it gave way easily after the afternoon triggered noN-bias, finding an air pocked back down to Monday’s 2044.00 opening lows.

The bias environment exit was probing even lower and has extended down to 2036.75. RSIs diverged positively, and its reaction is testing 2042.50. Extending higher into the close would target 2048.00 and potentially 2050.50. Back under 2039.50 would be a compelling hold-short vulnerable to trend down sharply overnight.

The opportunity to leverage yesterday’s rally has been rejected.. More than a rally, yesterday represented a rejection of a bearish opportunity. Retracing that rejection has re-opened the door to extending the 3-week old decline. Reinstating the recovery would require gapping up Wednesday above 2055.00-2056.00.