Post-open Review… Digging deeper for buyers.

The lows that yesterday left outstanding.

Yesterday’s opening rally would have been more substantial had it originated from a slightly deeper opening dip. And had that dip recovered a relevant level through the open. Its shallow, premature origins didn’t prevent surging. But the surge was limited. And it was retraced entirely to touch yesterday morning’s open 2572.50 before today’s open.

This morning’s open tried to hold. Its wide 5-point 2571.00-2576.00 range ultimately resolved down, sharply. An air pocket opened down to 2564.25, 3-4 points under the downside potential that yesterday’s premature rally had avoided. But what about its recovery.

Recovering 2570.00 into the bias environment would have signaled sellers were done. But 2570.00 was still being overlapped at 10:15, and also at 10:30. That’s not enough, and it’s too late to do more. Too late, and too early. Exiting the bias environment at 11:30-noon above its 2578.00 bias-down signal would serve by proxy as if 2570.00 had been recovered earlier.

Meanwhile, the open’s low could be retested. Back under 2568.00 would trigger it, which is being attacked now. Recovering from the low’s retest could still recover. Recovering from the low’s retest is less likely, and very vulnerable simply to extending the decline.