Post-open Review… Dumping ballast?

Pre-open dip slides into support.

The 2446.25 open resolved down quickly to resume the pre-open slide. A bounce from 2 points lower was anticipated to resolve down, too. Which it did, testing its 2441.50 objective as the Market Tour recording describes.

Dipping to 2441.50 also satisfied the Running Correction’s retest which had developed during yesterday’s open. It’s lower quadrant was the likely pullback objective for any downleg that might have developed yesterday. None did.

Now the Running Correction’s retest has two likely resolutions. Either extend down to its origin in Friday’s range below, or else resume the rally to new highs. The 2442.75 bias-down signal’s test isn’t offering clarity — it was being tested at both 10:15 AND 10:30 to trigger noN-bias.

An interim bounce up to 2445.00 does suggest resolving up. An offsetting test of the 2449.50 bias-up signal is not in-play. But “unfinished business above” at 2454.00 remains outstanding.

Probing a new high today after having gapped down would form the basis for a Pivot Reversal, which would be triggered by closing lower — the most bearish setup available today. Alternatively, back under 2441.50 would start to signal a deeper pullback underway.