Pre-close View… Sunny side down.

Ineffectual optimism is the recovery’s biggest threat.

Despite a gap up, delaying its extension higher had suggested that buyers were weak-handed. They disappeared entirely when the 2055.00 renewed bias-up target was tested by 6 ticks by 10:15 instead of exceeded. The morning’s bias environment fell to 2041.75.

Despite that still being positive territory, delaying a recovery suggests that buyers are expending energy without gaining traction. The noon hour’s bounce tested the afternoon’s 2049.75 bias-up signal by 6 ticks but wasn’t triggered at 1:20. The afternoon’s bias environment fell to 2043.50.

Despite both the bias environment exit and final hour’s entry not gaining traction, fresh afternoon lows are being probed. Not fresh session lows — at least, not yet. In addition to those two instances of “ineffectual optimism” already neutralized, the gap back to Friday’s 2040.75 close has been threatened for quite a while.

The lack of traction may prevent extending down substantially before tomorrow. But filling the gap back to Friday’s close, down to 2039.00, is still likely today.