This 50-Day break does NOT have the flippant "buy the dip" tone of the previous 5 tests since the November 2012 low
(reflexive 06/20/13 post-"Pseudo-Hawk" Bernanke Q&A breakdown aside). Proximity maintained to the 50-Day and rising trend support just below is pro-trend continuation, while inability to close the deal to retake the 50-Day on 3 occasions in a row is a concession to the bears. Attention now turns to rising support off the November 2012 low between 1625-1635.
You may find of interest that the December lows penetrated into the trend band of Nov-Jun on the ES1!. My guess is that we are going to bounce along the upper end of that Nov-Jun trend line for the next 5-10 trading days before heading lower to a turning point in the last half of September.