Post-open Review… A new range?

Post-open bounce can’t recover bias-down target.

The overnight drop to 2690.25 had bounced  to 2705.50 before the open. Its reaction down through the open eventually touched 2697.00. But even after the first 15 minutes of volatility had lapsed, the overnight drop had not yet resumed.

So, a bigger bounce tested the 2708.00 bias-down target as resistance by 1 point. It held through 10:15 to renew the bias-down signal. Its renewed bias-down target isn’t required, but it’s likely. With some obligatory support likely upon retesting the 2690.25 overnight lows, the next lower objective is effectively 2679.00-2683.50.

The next lower attraction would officially be in-play if this morning’s bias environment were exited under the open’s 2697.00 low. Meanwhile, we still expect bounces to fail, like the post-open bounce to 2709.50 that has reacted down to 2701.25.