Thursday's e-SPM remained in the grasp of its pullback off of Wednesday's high at 2124.25 -- so far into the 2211-2110 support zone, which must contain the weakness to avert weakening the promising rally pattern off of last Friday's low at 2096.
If the index breaks and sustains beneath 2011/10, my pattern work will argue that the up-move from 2096 to 2124.25 increasingly looks like an "intervening rally" that separates two more dominant bouts of weakness.
In plain English, this means that the decline from the all-time high at 2134 (May 19) to 2096 (May 26) represents the first part of a corrective period, followed by an intervening rally to 2124.25, followed (perhaps) by another corrective period that will project to 2075-2070 next.
A sustained breach of 2010 will increase the likelihood of the above-outlined scenario.
So far, however, the bullish scenario is viable, if tentative.
