S&P
Post-open Review… Sellers stalled.
Retest of overnight lows trying to hang on.
Immediately rallying out of the open would have been credible for extending higher through the morning. 
There was no confusing the opening price action with a rally.
The 2148.00 opening print blipped-up to touch the 2149.00 bias-down target. That reversed down sharply to attack the 2144.25 overnight low. And a brief consolidation there was resolved by new lows down to 2141.25.
Being the next lower objective, testing and holding 2143.50 had potential to expend the morning’s selling pressure. It did take a little while of ranging around it. But no probe under 2143.50 was confirmed, and now 2149.00 is being attacked at 10:15
Attacked, but not recovered. This is a renewed bias-down environment Its 2143.50 renewed target has been met. And 2149.00 may be recovered up to the 2155.00 bias-down signal.
Or, not The only predictive observation — still relevant to the pattern — is that the decline had an opportunity to further entrench itself but didn’t. Recovering positive territory is the only pattern that would signal a bottom having formed today.
Pre-market Tour (recording & summary)
The struggle to extend the recovery above 2149.00 has included a touch of 2150.00. But that has reacted down to 2147.00. Not already recovering much more this close to the open does suggest the lows will be retested, regardless of their resolution, Immediately rallying out of the open would still be credible for extending, if also improved almost relentlessly through much of the first 15 minutes of volatility.
Details and other markets coverage are discussed in the pre-market Tour recording here.
The First Trade… More of the same.
Proper context can start the day with a solid win and make all the difference.
CHARTROOM LINK
(pre-open Market Tour begins at 8:55 ET)
Through the prior close…
Last week left one piece of “unfinished business above” .at 2175.50. That’s 3 points above Thursday’s high. The context of there being unfinished business above means that Friday’s slide to 2159.00 is a temporary detour. Its session low filled the gap back down to last Wednesday’s close, and held it. No other unfinished business was left outstanding.
Overnight action’s new info…
Relatively narrow ranging at Sunday night’s open offered a false calm. But then price slipped under Friday’s lows to test 2152.00. Fueled by what appears to be Deutsche Bank’s final chapter seems to have begun, with a bailout being dismissed by political leadership, Europe’s opens triggered a plunge that attacked 2144.00. A double bottom there enabled a bounce to 2149.00, which is struggling to improve any further.
If, then…
Extending Friday’s drop intraday would have next targeted at least 2149.00. So, 2149.00 now serving now as resistance overnight suggests the drop is an extension of the same sponsorship much more so than it may be a new leg. Extending down any deeper intraday would next target “lower prior highs” down to 2143.50, which were attacked to within 1 point overnight. Room below it to 2138.00 can be tested before suggesting that unfinished business above at 2175.50 won’t be tested soon. Meanwhile exiting the weekend with extreme sentiment is often a sentiment extreme, and the open is vulnerable to absorbing and rejecting the drop and reversing it back up sharply.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2146.00 would be likely also to exceed the 2149.00 bias-down target at 10:15 to renew the bias-down signal, next targeting 2143.50. Exiting the open under 2152.00 would be likely to trigger the 2155.00 bias-down signal at 10:15.
Tonight’s Globex chaRTroom
Good evening..
Tough talk among some OPEC members this weekend seems to be the only new influence on price action. The open blipped-down momentarily to pierce Friday’s 2156.00 low by 2 ticks. Otherwise, there is little to report. You may view the overnight action in the chaRTroom.
Reminder: No Saturday Review this weekend.
If you’re planning to attend this weekend’s Saturday Review, then it may interest you to know that it is cancelled. If you’re showing up anyway, pack a sandwich. And enjoy this re-run of Friday’s post-market Wrap, which was expanded to include a big picture review.