Post-open Review… Grudgingly lower.

Still fighting the drop.

Attacking Friday’s 2419.50 low overnight to within 1 tick was retraced to Sunday night’s 2418.25 sell signal. Stopping short of touching the low, and then retracing all of a downleg. Perhaps that optimism can be dismissed due to US markets not yet having opened.

But even that has found buyers stepping up, despite soon being taken out. The open was greeted unchanged from Friday’s 2424.50 cash session close. The opening 15 minutes of volatility fluctuated 2 points either way around it. That was just long enough to reflect optimism without also forming an anchor.

Resolving down probed a fresh low under 2416.00. The 2421.25 bias-down signal triggered, and its 2414.25 bias-down target is in-play. None of which has prevented a 4-1/2 point bounce up to 2420.50. More of the same ineffectual optimism that has been refueling the decline?

The open’s congestion could attract price back up for a retest before resuming the decline. Exiting the bias environment back above its 2421.25 bias-down signal could retest Friday morning’s 2439.50 high. But resuming the decline would next target 2411.75 and then potentially under 2400.00.