Post-open Review… BIAS-DOWN.

Pre-open slip undoes overnight recovery attempt.

Gradually working higher from the 2935.75 overnight low had recovered to test yesterday’s 2944.50 cash session close by 1 point. But another news item triggered a spike down to 2939.00, greeting the open fluctuating around the 2941.50 bias-down signal.

The open spiked down immediately to 2936.00. A 4-point range has eked lower to touch the 2935.00 bias-down target. Bounces have tested buy signals, but always too early to be credible — either during a sizeable bounce limit test, or by the first reaction up from the previous trend’s extreme.

Back above 2939.00 would now be credible for recovering the 2941.50 open, if not also probing yesterday’s 2944.50 cash session close and higher. But back under 2936.00 would target a test of 2934.00 and lower. And by potentially exiting the bias environment under the open’s lows, an intraday recovery would become very unlikely.