Post-open Review… Down, grudgingly.

Pre-open surge collapses.

Wednesday’s open did the same thing. A surge probed above the prior session’s highs, but not until very near to the open. That’s the stuff of weak-handed sponsorship.

The prior session’s sponsorship had gained no traction, so extending the rally required maintaining a gap up. The late, weak-handed attempt didn’t just fail that condition, but it also created a new one by stretching the rubber band.

Wednesday’s opening rubber band snapped back down. This morning’s has reversed down 8 points so far from 2164.75 to 2156.75. And having held a test of the 2161.50 bias-up signal, an offsetting test of the 2152.00 bias-down signal is in-play.

It might be left outstanding, as was yesterday afternoon’s lower objective, met overnight. RSIs aren’t very enthusiastic about it, barely attacking oversold territory and not at all probing into it. This makes even the most bearish scenario vulnerable to choppy swings and corrective bounces.

Also, this being expiration, its unique inputs can skew price action. But 2152.00 must be tested unless the bias environment is exited back above the open’s 2164.25 high.