Post-open review

Can”t keep a downtrend up.

The overnight bounce to within 1 tick of this morning”s 2003.25 bias-up signal”s resistance had reacted down to 1992.00. The pre-open bounce to 1999.00 had retraced the dip by 61.8%. 

That”s big resistance, too. Only the open”s noise pierced it, and only momentarily. Its test launched another downleg to 1985.50.

Reacting up to 1997.75 resistance kept the 1990.75 bias-down signal overlapped through 10:15, invoking the grace period. It held at 10:30, triggering “late no-bias.”

So, this morning”s 1990.75 bias-down signal should define the morning range”s lower-end. The bias-down signal can be probed, along with new lows. In fact, since yesterday afternoon”s sellers gained traction for their efforts, this morning”s bias environment SHOULD probe new lows. 

And new lows ARE being probed. The 1984.00 bias-down target was never put into play, but it has been probed to within 1 point of its room for noise at to 1981.00.

Recovering to 1990.75 would help to form a bullish “Pivot Reversal” session — gapping up in a downtrend, and closing above the open”s highs, after recovering from an interim dip to new trend lows — but only if that recovery were to extend back above the open”s highs, and also above the 2003.00 overnight highs for good measure.

But after “tagging up” with a retest of the 1990.75 bias-down signal, the decline could still resume, in a very big way. And tagging up at all would be unlikely if the bias environment were exited under the open”s 1985.50 low.