Post-open Review… Coming, or going?

Next lower objective quickly met.

I described during the pre-open Market Tour that an attempt to isolate the overnight lower lows would likely fail. At least, anything short of recovering 2777.00. I also noted my expectation for the market to once again respond choppily if not poorly to ECB Chair Draghi’s press conference.

So, the ECB policy statement reaction allowed me to label a resistance for fading at 2774.00. Its test held, but a blip-up to 2776.25 quickly resolved down sharply. The open was greeted back under the 2769.00 bias-down signal at 2765.50, in the process of collapsing down to 2745.25. It was eventually probed down to 2741.75.

Failing to hold 2777.00 yesterday had dictated the next lower objective in-play at 2753.50. It’s now being tested as resistance. There’s potential for a bigger corrective bounce, but only a corrective bounce. Back under 2747.25 and 2744.75 would signal the decline had resumed with its next objective being 2733.75, and potentially 2715.00.