Post-open Review… Held down.

Gap down fails to recover.

The overnight drop to 2571.50 had retraced 61.8% of the rally from yesterday afternoon’s 2563.50 low. Its reaction ultimately greeted the open at this morning’s 2577.00 bias-down signal. A wide opening range up to 2579.25 has dipped as low as 2573.00.

The choppiness isn’t trending. Other than scratching out lower and lower post-open lows, above the overnight low remains intact. And the bias signal triggered noN-bias, which is to say it didn’t trigger. Which is to say no lower objective is in-play, and there’s no limit to a bounce.

That said, the 61.8% retracement could be constructive, clearing the pattern of weak-handed sellers. Could be. But not yet exploiting it through the open starts suggesting it won’t be exploited. Fresh lows into the 2566.75-2568.50 area may be unavoidable, and then fresh lows if that test doesn’t recover 2570.00. Otherwise, back above 2580.25 would let the afternoon probe into positive territory.