Post-open Review… Is decline done digging?

All downside objectives met. Now it’s a matter of time.

The 2062.50 opening blip-down reacted up almost immediately to the 2066.25 bias-down signal. A brief hesitation had begun breaking lower ahead of the 9:45 econ report. The decline extended through the first half-hour down to 2053.50.

Testing “lower prior highs” in the 2056.00 area was likely if 2067.00-2069.00 couldn’t hold its test. Trending down substantially deeper is likely if 2056.00 doesn’t hold its test, too.

We might not know that resolution until this afternoon.

So far, a bounce is testing 2063.00. But that’s only bullish if restrained through the morning. The past three sessions became their own worst enemy by their early overly-optimistic rallies. This being a bias-down environment, a bounce should be contained by the 2066.25 bias-down signal if tested.

Meanwhile, a retest of the 2053.50 low is possible. Its oversold RSIs require an eventual retest. This is a renewed bias-down environment, but the renewed bias-down target has essentially been met. Doing that sooner rather than later would allow time to exit the bias environment bouncing.

The bearish scenario hasn’t changed. Two days of illiquidity are fast-approaching, which could start to encourage sellers by failing not only to hold this test of 2056.00 lower prior highs, but also failing to greet the afternoon recovering,