Pre-close view… the opposite of up IS down.

Short-squeeze avoided, capitulation warning.

Here”s today”s chaRTroom links again
o Win XP-Friendly entry
o non-xp friendly (ilinc)

Exiting the bias environment back above the noon hour”s 2105.55 high would have made a short-squeeze likely through the close. And a short-squeeze at this stage of this pattern would be substantial, targeting 2114.25 as a correction, if not also fresh session highs as a reversal.

But the bias environment”s fresh low at 2096.50 are nearer than its 2103.00 high — 5 ticks lower vs. 5 points higher. And the bias environment has begun lapsing already, from under the noon hour”s low. Entering the final hour lower could melt down into the close.

Note that there is no requirement to trend down, simply as an alternative to bouncing. Firming back into the range isn”t very likely, but it”s possible. Anyway, the alternative to bouncing is still much likelier to steepen the slide.