Pre-close view… Is this unfolding already?

New high”s reaction down is extending.

An offsetting test of this morning”s 2119.25 bias-down signal was put into play by holding the 2127.25 bias-up signal”s test through 10:15. And then by failing the attempt to recover 2127.25 by 10:30. And then by failing the attempt to recover 2127.75 by 11:30.

All the while, price was trending up. Higher highs and higher lows formed an Ascending Triangle that persisted through the noon hour. The pattern projected a false break higher, which reversed down from its 2129.50 target area.

That reversal down has extended to fresh session lows. Both 1-minute and 3-minute RSIs ere oversold at the 2121.25 low, requiring its retest. A 4-point bounce may not have prevented the drop from resuming today. 

Regardless of the bounce”s resolution today, the reaction down from overnight highs should be alarming. 

– The 2128.00 target was met yesterday,
– the room for noise up to 2133.00 was tested,
– the overnight high is not a new  “Globex trending extreme” requiring intraday retest,
– and probing above yesterday”s high intraday (up to 2130.25 this afternoon) was reversed to a fresh session low.

The bigger picture still expects the ultimate high to be shallow and to be reversed abruptly into a durable downleg. Not exceeding today”s highs  through tomorrow”s close might be due to already trending down sharply.