Pre-close View… Pacing itself.

Rally hovering just under highs.

Post-open rallying through this morning was derailed by such substantial selling pressure that it reversed down from being up 18 points at 2178.50. The reversal down was so substantial that both bias-up parameters were rejected, and the bias-down signal was almost triggered, too.

But the reversal proved no more durable than the post-open surge. Perhaps less so. The 30-point point plunge to 2147.75 was substantial. Its abrupt origin and its steep slope were dramatic. But it was never actually productive, since it barely touched Wednesday afternoon’s low. And it wasn’t durable, since it recovered all but 3 points to the 2175.50 afternoon’s high.

None of which is being exploited. The position-squaring window is being greeted 10 points off of the recovery high, back down at the 2165.00 afternoon lows. Extending down would target a test of 2160.00, if not also an attack on 2154.00. Otherwise, back above 2168.75 could resume the rally to fresh session highs.