Refreshing as yesterday’s dive may have seemed, it failed to tip the big picture in favor of bears. They could take encouragement on a further decline surpassing 17733, but keep in mind that the move would need to be uncorrected on the hourly chart once the first external low, 17925, is breached. Regardless, because the recent top occurred near a major Hidden Pivot rally target (see today’s E-Mini S&P tout for further corroboration), we should remain open-minded to the possibility that a very significant decline is under way.