Post-open Review… BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED.

Early buyers miss bite after bite.

Opening above 2920.00 would have been optimal to absorbing the overnight selling. Alternatively, further backing-and-filling down to 2910.00-2911.00 could have exited the bias environment above 2920.00 to trap extra shorts.

Exiting the open any lower would suggest that yesterday’s recovery must be retraced, regardless of the retracement’s purpose.

So, a last-minute pre-open low at 2902.50 that popped-up through the open could have formed a low, but 2910.00-2911.00 wasn’t probed for long enough to break its resistance. Lower and lower lows have made a retest of Sunday night’s 2883.50 low down to 2882.00 likely.

Exiting the bias environment and entering the noon hour under 2882.00 would suggest a deeper drop underway, next targeting 2846.00-2851.00. Otherwise, recovering 2901.00 would be a first step to absorbing this round of selling pressure, albeit still requiring the confirmation of recovering 2910.00-2911.00, too.