Post-open Review… Digging deep.

Pre-open bounce attracts more selling.

Dropping overnight down to 2913.25 had been retraced to attack Monday’s 2922.50 low to within 2 ticks. And then a dip to 2918.00 was recovered up to Tuesday’s late 2924.00 low. That’s where the open was greeted, and it was happy to see the recently inflated pricing.

Recent upside momentum didn’t attract post-open reinforcements. It was overwhelmed by a quick dip to 2919.25, where a reversal setup was only briefly influential, too shallowly to reverse momentum up.

A lower low also bounced from 2917.75, where any lower would be a lot lower. Its bounce also failed, and a 16-point plunge touched 2905.50 before the first hour ended.

A recent low at 2707.50 that was always attacked optimistically short — yet, still productive in its reactions — is now being tested. This leg’s minimum objective is 2901.00, but more likely to 2896.00-2897.00.

Currently a bounce to 2912.00 may be completing another temporary corrective bounce before resuming the decline. But there’s room up to 2917.25 before even suggesting a more substantial corrective bounce underway.