Post-open Review… Flash in the pan?

Overnight drop extends.

A pullback from yesterday’s 2397.00 high had room to test 2391.00 before signaling this week’s consolidation was breaking lower. But a valid recovery would be underway already at the open or very soon after, to isolate sellers to the overnight. Opening at 2391.00 firmed to 2392.25 where any higher would have triggered a buy signal. It was only touched.

Under 2388.00 through the opening 15 minutes of volatility would have made the 2391.75 bias-down signal likely to trigger at 10:15. Pre-open lows had touched 2388.00, and it was still being overlapped at 9:45, so it didn’t offer any extra input.

Regardless, the overnight drop extended sharply.The 2386.75 bias-down target was exceeded on the way down to 2380.75, which was probed down to 2379.00. RSIs finally diverged positively on its retest, launching a bounce now testing 2383.00.

Not extending down to 2375.00 or deeper depends almost entirely upon entering the noon hour above this morning’s 2391.00 bias-down signal. Just recovering 2383.50 would be credible, if the recovery were extended into the noon hour’s exit. Otherwise, just consolidating in the low’s range through another timing window would be likely to resolve down.