Two-to-one, the ‘nays’ have it.

More paths down today than up.

So far, the splash of cold water has been only a splash. But the rally”s face should hang onto its towel.

There are two paths down this afternoon. One would be contained entirely within the bias environment. The other would hover under resistance to be postured for another round of selling when the bias environment begins lapsing.

If sellers were going to be contained to the bias environment, then its exit should be recovering a couple of resistance levels, back above both 2058.00 and 2060.00 (if not also 2062.00). But the bounce from 2052.50 has been hovering under 2058.00.

And now the bias environment is within view of lapsing 10-15 minutes out from 2:30.

Lower lows would likely target 2041.00-2044.00. At least. Any lower could get ugly. Otherwise, actually exiting the bias environment above 2060.00 (and very quickly also 2062.00) would at least avoid another downleg — and perhaps also at most avoid another downleg.