Post-open Review… Done? Or, done.

Is the recovery rolling over, or is its latest pullback ready to recover?

Extending down this morning was likely at some point to visit 2801.50. It was tested and retested at the noon hour’s 2798.25 lows. Its reaction up didn’t avoid triggering this afternoon’s 2807.00 bias-down signal.

This being a bias-down environment hasn’t prevented bouncing to probe 2810.00. This being a bias-down environment, a retracement to at least 2807.00 will be required at or after the bias environment begins lapsing.

Extending this morning’s decline was no doubt a function of the FAANGS resuming their slides. And broadening out, as well. Recall my comments beginning with last week’s NFLX reaction, up to this weekend’s Saturday Review note: Their sponsorship is holding, not buying.

But the rest of FAANGs story is that rotation out of their leadership and into laggards often defines the market’s next upleg. Regardless of whether 2807.00 is retraced — and preferably it will be retraced — the slide into and out of the weekend has an opportunity to seal a bottom for that next upleg. Otherwise, back under 2805.00 could launch another downleg.