Post-open Review… Big, Bigger, Biggest (yet).

Increasingly larger pre-open legs overshadowed by post-open plunge.

The last overnight upleg had retraced the prior 9-point rally, and extended 5 points higher to attack 2144.00. The 2142.00 open slid sharply back down to 2135.00. And that was just the opening 15 minutes of volatility.

Not immediately, but soon the drop had resumed and extended down to 2126.75, 17 points under the pre-open high. All well within the first hour.

The 2143.00 bias-up target was tested pre-open, by (barely) more than 15 minutes, so we can’t assume its test was rejected. Otherwise, having also rejected a test of the 2138.00 bias-up signal, offsetting tests of BOTH bias-down parameters would be in-play, including the 2122.50 bias-down target. Instead no-bias triggered. The 2129.75 bias-down signal’s test is already fulfilled.

In fact, the bias-down signal was probed after 10:15. Maintaining its break through 10:30 would have invalidated the no-bias signal. But it was overlapped in time to maintain the no-bias signal. Probing under it would be “no-bias trending” that requires recovery.

Until the no-bias environment begins lapsing, a bounce to 2132.50 and 2135.75 is possible. But not required. Back under 2127.75 first would target 2124.50 and possibly the 2122.50 bias-down target. Regardless of an interim bounce, delaying a break lower for long enough would be free to trend down even deeper.