Post-open Review… Clearing the decks.

Opening plunge satisfying objectives.

Unfinished business left outstanding yesterday at 2174.25 was neutralized overnight. Testing it intraday would have been likely to include 2172.00. Avoiding its test required isolating the overnight lows by recovering through the open.

Which the open did not do. Greeting the open at yesterday’s 2175.25 cash session close was like opening the floodgates.

Fresh lows quickly pierced 2174.25. Knowing that its test would include 2172.00 helped to anticipate breaking under an inflection point’s 3-minute low to confirm new sponsorship arriving. Extending under 2172.00 through 9:45 helped to anticipate triggering the 2174.25 bias-down signal at 10:15. And now triggering bias-down at 10:15 makes its 2168.00 bias-down target likely to be tested.

Actually, already testing 2168.00 to within 3 ticks has satisfied it. It’s still an attraction, especially until a bounce limit is violated. But it won’t become “unfinished business below” if left outstanding. It’s too late for a break under 2168.00 to renew the bias-down signal. But this is still a bias-down environment, and lower lows could test 2166.00 and 2160.00.

Currently, no buy setup is nearby, and 2173.50 must be recovered to begin signaling momentum reversing up. Having expended so much selling pressure so quickly and satisfying a couple of targets, it might start proving difficult to extend deeper with FOMC Minutes just ahead.