I called for a pullback test back on April 18th. I never thought it would have went this way and taken so long, but here is our test finally.
Macd and macd histogram divergence on last weeks close, which is lower than the prior closes. 200ma is double support backing this trendline as well.

The bigger picture, why can it be important to not solely focus on micro levels and step back sometimes?

In addition to my micro level chart we can now see a more defined channel. Plus much more is visible that is acting as support now. So, we have the downtrend broken and testing (from prior chart), 200ma and a now an added swing high as support. How about a trendline from all the way back to October 2004? CHECK!

This is a crucial but fairly low risk level to get long IMO. If it fails to hold though look out, we could hit 11k fairly quickly if this stuff gives way.
Could get interesting on any hint of a rally, FOMC as Cire pointed out could make things even more testy and jerky.

As always JMHO.