Pre-close View… The new “killing it.”

Intraday down trend persists.

Exiting the bias environment above a prior high or at least without having probed a fresh low could have signaled a short-squeeze coming. But the bias environment’s 1875.00 exit was bouncing 5 points off a fresh low.

The bounce extended up to 1881.00, but that was still 3 points short of the prior high — which, coincidentally, was this afternoon’s 1883.75 bias-down signal. So, no short-squeeze.

In fact, fresh lows retested the 1870.00 low by more than 1 point. That was during the 3:10-3:20 window, which is being exited by a bounce to 1974.00. Back under 1871.50 would start to signal one more downleg targeting 1864.00.

The pessimistic sentiment seems pretty stretched. But that’s not always bullish from a contrarian perspective. Extreme sentiment can become a perpetual motion machine capable of accelerating the decline’s pace if not rejected soon.