Post-open Review… Bias down, or bias done?

Support holds an extended decline.

The overnight drop extended pre-open down to 2575.50. Its reaction touched this morning’s 2580.25 bias-down target as resistance, and greeted the open at 2577.00. Bouncing back up to 2580.25 held as resistance again, briefly dipping to 2574.25, but reacting back up to 2580.25 in time to avoid renewing the bias-down signal.

Not renewing the bias-down doesn’t prevent resuming the decline. This is still a bias-down environment. In fact, extending up to 2583.00 has reacted down to attack 2577.00.  And under 2575.50 would confirm the trend is down, probably into the weekend.

Meanwhile, holding a test of “lower prior highs” at 2577.00-2578.00 through the open can be the bottom that I described during this morning’s Market Tour. Back above 2581.50 would start to signal momentum reversing back up. Entering the noon hour back above the morning’s 2586.00 bias-down signal would be helpful confirmation, but not necessary.