The cycles accelerated.

Today”s sellers already accomplished what took all day Monday.

Sunday night”s recovery wasn”t likely to be rejected before the open. But any immediate post-open attempt to extend higher was dangerous. In fact, the post-open uptrend reached its target, and then reversed back down. The consequence of that was to retrace the entire recovery back to its origin at Sunday night”s low.

Today”s setup was similar, with similar consequences. But today”s execution is faster.

No post-open up trending was necessary. Instead, the reaction down from overnight highs had been retraced 61.8% pre-open. Price trended down from the opening tick. The consequence was the same, to retest overnight lows. This took almost all of yesterday”s session, but it was fulfilled today during the noon hour.

Now the deck is clear for new sponsorship. That means changing the slope of trending, but not necessarily in the opposite direction. The descent can steepen its slope instead of reversing it.

New sponsorship.need not appear simply because the deck is clear for it. This afternoon”s 2049.50 bias-down signal didn”t trigger at 1:20. But 2053.00 held as resistance, so fresh lows through 1:30 would be credible for extending down anyway.

Narrow ranging at 2049.50-2053.00 would be attracted down after the bias environment to test 2045.50 and 2043.75. It would be vulnerable to plunging into the close. Otherwise, it”s difficult to trust any bounce short of recovering 2059.00.