Post-open Review… Another bite later?

Pre-open slide crowds out post-open sellers.

Having probed yesterday’s highs overnight, opening under the earlier overnight low often signals the trend reversing down. Last night’s probe above 2730.50 reacted down under what had been the 2726.75 Globex low.

Then it extended much deeper to 2716.25. And that was down from the 2737.75 overnight high. That’s a lot of selling pressure to expend, inhibiting post-open reinforcements. And its European sponsorship would begin focusing on the impending weekend.

An opening surge did reverse down sharply from its 2722.50-2723.25 resistance as expected. Stopping optimistically short of touching pre-open lows was nevertheless exploited by a bounce that has avoided triggering the 2721.50 bias-down signal. Now an offsetting test of the 2730.75 bias-up signal is in-play.

Now a dip is testing the 2721.50 bias-down signal as support. Back above 2723.00 (being tested now) would start to signal the recovery has resumed. Fulfilling the upside objective early enough would allow another downdraft into the weekend. Back under 2720.00 could leave “unfinished business above” in favor of resuming the pre-open decline.