Post-open Review… Anchored.

Gap down holds. Only holds.

Hovering at the 2741.50 bias-down target since Europe’s opens had formed a Descending Triangle. The knee-jerk reaction to the pre-open Employment Situation report spiked down to 2730.00 and then probed lower to 2727.75. The next lower objective was met.

Bouncing through the open attacked 2738.00 before reversing down to fresh lows at 2726.50. Its reaction up to 2735.50 will have attracted reinforcement by printing any higher, targeting 2745.00 or 2748.00.

Back under 2730.00 would otherwise be credible for extending down to 2720.50. More credible than a buy signal, since only a buy signal has attracted reinforcements.

Meanwhile, 4 and almost 5 of the first hour’s opening 15-minute checkpoints overlapped the same relevant level — the 2732.00 opening print. If not for gapping down, this would signal a Dry Cleaners morning and suggest staying away. But having gapped open to a fresh extreme, it represents an anchor that is likely to be revisited regardless of the interim trending attempt.