Post-open Review… Artificial gets real.

Strong-handed buyers step aside.

The open quickly pierced yesterday’s 2347.50 low by several ticks and then bounced up to 2351.75. But only briefly, as a deeper drop tested 2341.00. Its reaction up attacked yesterday’s lows as resistance, but resolved down again. This time, much deeper, down to 2334.75.

Yesterday’s opening setup, afternoon bounce and positive close all indicate that strong-handed sellers are marginalized. And yet another downleg is developing in reaction to headlines. That’s the behavior of impatient weak-handed sellers.

The near-term effect on price can be indistinguishable. Down is down. How far down and whether it stays down makes the difference.

Exiting the bias environment back above its 2343.50 bias-down target would confirm that strong-handed sellers remain marginalized. It might also start to suggest that strong-handed buyers are attracted. Otherwise, not yet rejecting these fresh lows would suggest much lower levels are in-play, essentially 2327.00, 2321.00 and potentially 2311.00.