Bias-down target met and holding.

[pay]The open’s drop extended down to the ESm 1416’00 bias-down target, and then at least 1 point lower to touch Friday’s low. The level was actually tested twice, and both tests’ bounces attacked 1419’00. Above 1418’50 would target 1420’00-1421’00 before being likely to resume the decline to new session lows. Otherwise, another break under 1415’50 would have that honor.

Regardless, the balance of the session is likely to extend further down, perhaps session-long and very deeply, so long as 1421’00 isn’t recovered. Meanwhile, the market continues to behave as if the bearish scenario is in-play.[/pay]