Below the 2700-2720ish area is likely where the next downturn is confirmed and picks up steam. (A hold below those levels, not just a blip below).
Click on the chart to enlarge it. This is a very near-term, zoomed in look (on a 30 minute, 10-day chart). Near-term, we've likely completed the 5-waves up in the larger wave C (of the bear market bounce) on the daily chart.
But could it spike just above its 200-day moving average and then begin the sell-off? Sure.
on larger wave C or B?