Post-open Review… Grudgingly lower.

Bias-down target met, RSIs firm, bad news discounted.

The shallowly weak open at this morning’s 2068.00 bias-down signal immediately extended to fresh lows at 2064.00 and lower. A bounce reversed down even lower. The 2061.50 bias-down target was just touched.

The bounce attacked the bias-down signal to within 2-3 ticks at 2067.50.Having resolved in a fresh low, recovering 2067.50 would still be credible for reversing momentum back up. This may be today’s only remaining path to probing above yesterday’s highs. RSIs weren’t oversold at the low, and back above 2063.75 would start to signal momentum reversing back up

Also potentially bullish is Crude Oil’s reaction to a bearish EIA report. We discussed that possibility during the pre-market Tour. An emotional reaction would be likely, but likely only temporary, as the news would follow two earlier bearish items (API and Saudis) that are already discounted. If Crude isn’t actually extending down, then stocks have a chance to bottom.

Otherwise, no lower objective is in-play. But not signaling a recovery could simply drift lower.