Warning shot under the keel.

This morning”s probe of fresh lows is signaling SOS.

The bias-down environment”s fresh lows down to 1973.25 left outstanding oversold RSIs that require being retested. That didn”t prevent an interim reaction up to 2004.00. 

But 14 points of that recovery had developed above the bias-down signal before the bias-down environment began lapsing at 11:30. And it didn”t gain traction for the effort. In fact, the reaction down fell to 1986.00.

Something similar just happened. The afternoon”s 1994.50 bias-down signal was touched as the 3-minute window around 1:20 was lapsing, barely in-time to invoke the grace period. It wasn”t recovered through 1:30, so this is a bias-down environment, anyway

All of the buying pressure expended from 1986.00 was wasted, and now 1986.00 is probed by fresh afternoon lows.

This is a bias-down environment. If that”s not rejected dramatically coming out of the bias environment at 2:30, the the decline is probably resuming — at least, to test the oversold RSIs at this morning”s low, and potentially to launch a new downleg.