Pre-close view… The longest yard.
Now there”s also unfinished business below.
This afternoon”s 2111.00 bias-down signal triggered cleanly. Bouncing 5 points into the bias environment”s exit tested 2113.00, which would have easily invalidated the bias-down but for one thing — the bias environment had already produced fresh lows after 1:20. So, the 5-point bounce was 1 point too low.
In fact, that bounce was retraced back down to within 2 ticks of the 2108.00 low. That didn”t extend to resume the decline. Swings continue overlapping 2111.00. But 2105.50 is unfinished business below that requires an eventual test.
Nothing is preventing 2105.50 from being met today, but it is getting a little late not to have broken lower yet. Nothing is preventing 2105.50 from being met overnight, either. Its reaction could rally enough to gap up at tomorrow”s open.
Regardless, the sponsorship of today”s decline is known already to be weak-handed. This morning”s no-bias trending under its 2117.50 bias-down signal has yet to be retraced, and this afternoon”s bias environment exit and final hour entry didn”t trend down under support.
