Due to it being SPS, my first thought, even before chemistry, would be lighting.
When your moving SPS from one tank to another, you really need to attempt to match the lighting from one tank to another, at least initially while the coral acclimates. If you had MH's in the frag tank, and decided to put them under PCs or T5's in your new tank, I would certainly expect the corals to begin bleaching. If you went from MH's in one tank to MH's in another tank, just make sure that the coral is at the same height in the tank, at least until they are looking happy.
And yes, as you already realize, your alk is low :p _________ Kibbles and bits and bits and bites, and bacon and bits and kibbles and bits...... NOT reef safe |