The Bears are Firmly in Control at the Moment

The blue circles below represent the series of lower-lows and lower-highs that have been established within the last down-leg off of the June 22 high at 2122.

To break the back of the series of lower-lows and lower-highs, the e-SPU will have to climb above 2069 for starters, where it will then be confronted by heavy resistance between 2070 and 2090.

That said, however, purely from a pattern perspective-- first things first: the dominant downtrend will remain intact and viable as long as 2069 remains the prior rally peak.