The case for crashing… or at least sliding relentlessly.

It”s also a case for simply weakening.

This morning”s open gapped up to and through yesterday afternoon”s 2105.50 high. After having trended down into yesterday”s close, this rejection begins forming a “session-long rally” setup. The setup is completed by maintaining the gap up.

Today”s gap up wasn”t maintained. This is not a session-long rally. But there is a consequence to forming all but the final element to a setup. Often, however bullish or bearish the completed setup might be, the incomplete setup is the opposite.

Has today”s setup inverted to a session-long decline? Only one of today”s three timing windows so far has failed to probe a prior low. Every remaining timing window must now probe a lower low to track the session-long decline template.

Facilitating that is several attractions below that don”t point sharply lower, so much as they simply point lower for awhile:
– Required retest of oversold RSIs at this morning”s 2098.25 low.
– This afternoon”s 2101.50 bias-down signal would target 2096.00.
– Yesterday morning”s signal for trending down through Friday morning.

Not triggering this afternoon”s 2101.50 bias-down signal — being tested now — wouldn”t necessarily be bullish. That no-bias could simply delay extending down further until late afternoon. Nothing requires down steeply, but this wouldn”t be a bullish environment to try absorbing more negative headlines.