Post-open Review… Back on defense.

Still too little optimism to expect a new downleg.

The gap back up to last Friday’s 2160.00 area close remains unfilled. Probing it pre-open does not qualify. More so, its pre-open probe was in reaction to a headline. The gap up testing 2159.00 still represented restrained optimism. So, reacting down — no matter how substantially — can still be recovered.

This morning’s reaction down was 13 points, attacking the 2145.75 bias-down target to within 2 ticks. The 2151.25 bias-down signal triggered late, and was barely confirmed at 10:30. Actually fulfilling the target would be likelier to hold than to break lower, which would target 2140.75.

Rallying this morning back above 2151.25 would be difficult, being a Friday when the morning bias tends to persist through the noon hour. Regardless of how and when it might begin, the bias-down target could be ignored, and the afternoon could simply gravitate higher.