Post-open review

Look out below if stronger-handed sellers just absorbed yesterday”s buyers.

The pre-open test of this morning”s 2051.50 bias-down signal reacted up to attack 2056.00. The post-open dip to 2049.25 also reacted up, piercing 2056.00 to fill the gap back to yesterday”s close. That failed, too. When the 2051.50 bias-down signal triggered at 10:15, its 2046.75 bias-down target was being tested.

The bias-down target wasn”t exceeded in time to put into play a lower target, but it was still a bias-down environment. And the drop has extended back down 2037.00, probing into Wednesday”s range

A lot of bullishness was rejected this morning. Follow-through from yesterday”s session-long rally, the afternoon”s bullish traction, and this morning”s 2049.25 preliminary low.

The weekend”s impending illiquidity might be exacerbating the drop — afternoon sellers have been enticed to accelerate their sales into this morning, and fence-sitters have been enticed to sell instead of sitting tight. All of that selling pressure will likely be absorbed if the noon hour is entered above 2043.50, if not also above 2046.75.

But not exiting the bias environment in rally mode would be vulnerable to extending down sharply this afternoon, and then into Monday”s open.