Post-open Review… Cooler heads.

Post-open bounce.

Tuesday’s open was indicated at the 2427.25-2429.00 objective which needed to hold through 9:45 to begin signaling the overnight drop had ended. Back above 2430.75 would be optimal. Otherwise, breaking lower quickly would signal that the intraday crowd wanted to express its own knee-jerk reaction to yesterday’s post-close headline.

Up could recover the 2433.50 bias-down target and more, perhaps also fill the gap back up to yesterday’s 2443.00 close. Extending the drop would target 2411.75, if not also sub-2400.00.

The opening minute resolved up, as did the first 15 minutes and the first half-hour. Bias-down wasn’t renewed, but this is still a bias-down environment with its upside limited to its 2439.00 bias-down signal. That’s just another 6 ticks higher. But it’s still a bias-down environment.

Back under 2433.50 would be likely to retest the open, and the open’s retest would be unlikely to hold. The 2411.75 and sub-2400.00 objectives would be in-play.