Pre-close View… Trickle down theory.

Relentless slide has returned to the lows.

Yesterday afternoon’s rally had gained traction, earning it a probe of higher highs. Overnight action did extend substantially higher. If that had sufficed, then the open would have inverted the rally signal.

It didn’t.

A dip did develop after the open, but its recovery was likely because the open had held up. Uh, no. The dip has extended and extended. And extended.

Last night’s 1946.50 high — so close to the next higher objective of 1948.00 — has reversed down steadily and relentlessly. And now also completely, as Monday’s low is being retested to and 3 points through its 1881.00-1885.00 objective.

Any lower into the final hour would be vulnerable to falling sharply into an air pocket 25-40 points lower. This is testing the summer’s prior lows, obligatory support that must influence a bounce now to influence one at all.