S&P Closes Outside of Range, Time for Bears to Enter

CME:SP1!   S&P 500 Futures
The black lines illustrate the range the S&P             was in; price has now fallen emphatically out of that range, and is also below the 50 SMA --- both of which I think will pave the way for bears to pile in. A downside target of support at 1770 or at 1734, or at the 200 EMA between those levels, seems viable. A stop at 1850 gives sufficient protection against false spikes while also cutting losses if the thesis is proven incorrect.
is this still valid or passed?
the idea that we've fallen out of this range has become invalidated, though i think bears have the upper hand unless price closes above 1880 on the daily chart.
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