Pre-close view… Revolving trap door.

Vulnerability to retracing reappears.

The late-morning touch of 2107.75 barely pierced the overnight high. Another 3 ticks higher would have been optimal for reacting down. The bias-up signal had not been triggered nor was it touched. Trending down would be difficult without first stretching the rubber band higher.

The passage of time has had a similar effect. Ranging narrowly between 2102.00-2105.00 through the noon hour wasn”t unusual. Actually narrowing the range through the bias environment was unusual. Its exit plunged 9 points to 2095.00.

The drop had potential down to 2097.50, which is clearly fulfilled. Oversold RSIs at the low make a premature recovery attempt suspicious — including the current bounce back up to 2099.00.

Until the low is retested, the bounce could reach 2101.00 before suggesting the rally has resumed. Meanwhile, testing fresh lows and recovering back above 2097.50 would start to signal momentum reversing up.