Mid-day Update… A stronger target?

Post-open bounce resolves down sharply.

The pre-open and post-open attacks on the earlier overnight low had stopped optimistically short. Which didn’t preclude there being a bounce, and clearly didn’t prevent on. But only a bounce. And no matter how substantial, not a durable bounce. Retesting 2747.00 and 2738.00 overnight had made 2722.00 likely to be tested, too.

2722.00 was just tested down to 2715.00. And 2722.00 was still being overlapped at 1:20, then again at 1:30. That’s not to say the bias was affected, but the relevant price was holding at a relevant time to suggest that selling is waning.

Now a bounce is testing 2730.00, on its way to 2738.00 so long as 2721.25 holds as support. Recovering 2738.00 through the bias environment exit could lead to a short-squeeze into the close. Otherwise, the next lower objectiv would be December’s “lower prior highs” at 2690.00.