Post-open Review… The correction cookie crumbles.

Bias-up target met, Bias-up signal rejected.

Gapping up above at least 2057.00 would have begun rejecting the downtrend, but the open was at only 2051.00. An aggressive post-open surge would have kept alive the rejection potential, but it dipped to test yesterday afternoon’s 2048.00 “lower prior highs.”

None of which qualified as resuming the decline’s momentum. Only as not exploiting the opportunity to invalidate the decline altogether. So, bouncing anyway would be considered only temporary backing-and-filling, refueling sellers.

The 2049.75 bias-up signal triggered, and its 2055.50 bias-up target was met to within 3 ticks. Quickly. So quickly, that there was time for violating a bounce limit, triggering a sell signal, and retracing the bias-up signal through 10:30 back down to 2048.00.

So, this morning’s bias environment is Bias-up Rejected. There is no unfinished business above. There is also no requirement to trend down — while the burden of proof is on buyers, the downtrend remains intact.

2048.00‘s retest was not bullish. Breaking back under it would target 2046.00 and 2042.00. So long as 2048.00 support isn’t broken, the balance of the morning could back-and-fill again.