You've got to remember: 1) Nearing end of quarter, many don't want to give back a fairly nice return on the indexes before their pay day (9/29). 2) There has been a re-allocation shift the past 3 days out of equities and into longer term bonds. 3) We are entering the worst 4 week period of the year for equities.
"ER2 looks week, could close below 715 today" ER2 looks month, will probably rally above 715 beginning of weak before plunging downward below 715 later in the weak. If the ER2 looks week, it can just as easily look month, day or year.