Pre-close view…The case of the missing volume.

It”s no mystery. Weekend illiquidity has taken hold.

The 2062.25 objective of this morning”s bias parameter was fulfilled at the afternoon”s low. Touching it bounced back into the relatively narrow 2063.00-2065.00 range that had begun developing during the noon hour. Ranging sideways even more narrowly for nearly an hour then began trending into the final hour.

That trending was up. And the trending extended to test 2069.25, which would have been the target of a bounce during the bias environment instead of after.

In either case, bouncing was less the product of buyers, and due more to sellers having been satisfied. One end of the range reacted to the other end.

Now a reaction down is threatening to extend. Almost any selling pressure back under 2066.00 is likely to become a lot of selling pressure down to 2060.50 or 2058.00. Meanwhile, not increasing selling pressure here would be vulnerable simply to drifting higher into the close.