Post-open Review… Abridged too far.

Overnight rally and pre-open surge fall flat.

The pre-open Market Tour described the potential downside of not completing the “session-long rally” setup. Just probing yesterday afternoon’s 2690.25 high had made it possible. Not maintaining its recovery through the open would be as bearish as the completed setup would have been bullish.

My pre-open comments reiterated the warning, despite the overnight rally having extended up to this morning’s 2694.50 bias-up target. Adding another point at the open didn’t help, it only stretched the rubber band, which then began snapping back down. Soon the 2689.50 bias-up signal was broken down to 2684.25.

No-bias triggered. After testing the bias-up signal, an offsetting test of the 2681.50 bias-down signal was put into play. Also having tested the bias-up target, an offsetting test of the 2675.50 bias-down target is in-play, too.

Already, the drop has extended down to 2679.00. Both 1-minute and 3-minute RSIs are making higher lows, but still simultaneously oversold to require an eventual retest. Until then, at the earliest, no buy signal can be considered before the bias environment is at least within view of lapsing in a half-hour.