Is e-SPM Rolling Over After Completed Recovery Rally?

After 3 hours of trading, the price path we discussed for the e-SPM seems to be unfolding pretty close to plan.

Let's notice that this morning's weakness violated and sustained beneath yesterday's pullback low at 1863.25, which triggered downside continuation right to one of the important support lines off of the April 13 low of 1803.50, and cuts across the price axis at 1855.

In fact, this morning's low was 1855, which has contained the selling pressure for the time being.

That said, however, any recovery strength will hit heavy resistance between 1863 and 1871.

A climb above 1871 will argue for upside continuation.

Conversely, inability of the e-SPM to chew through resistance, followed by another loop down towards 1855, will argue that a near-term top is unfolding, which increases the likelihood of downside acceleration towards 1835/30 next.