Post-open Review… A good effort.

Gap down bounces, but only so far.

Overnight selling had extended pre-open down to 2349.50. The open was greeted back at the 2352.25 bias-down target. And it held. Rallying from there extended up to the 2357.00 bias-down signal. And it held, too.

But for a blip-up on 10:00’s econ reports, the 2357.00 bias-down signal’s test reacted down to 2354.75.

Price action has since fluctuated choppily around 2354.00-2357.00, but this is a bias-down environment. Despite already testing the bias-down target, bouncing back up to the signal without recovering it does make the target’s retest likely. And delaying its retest makes it likely to break, too.

Sellers aren’t marginalized. Unless the bias environment exit is recovering above 2358.00, another downleg to last week’s “lower prior highs” remains possible.