Post-open review… Holding its ground.

Late fresh pre-open low rejected.

1919.50 was the overnight low prior to this morning”s Market Tour. It was broken during the Market Tour down to 1914.00. The open was greeted back at 1923.00. And that extended higher to 1932.00 and 1939.50.

Overnight sellers had gotten ahead of themselves. But then opening buyers did the same. Reacting down fell to 1921.50 and recovered almost entirely back up to 1938.00.

A lot of selling pressure was thrown at the market. It was all absorbed, as was another shallower dip. But it hasn”t been reversed. Holding its ground through the morning would require an obligatory fresh post-open high. While 1940.75 would have sufficed earlier, that could extend much higher before resuming the decline. (e.g. This morning”s bias-down target is 1954.00.)

But resuming the decline remains likely, since reactions to the dips failed to gain traction through any relevant window. It should be a matter only of from what higher level. Trying to resume the decline from under 1940.75 would be likely again to recover.