Post-open Review… Hope keeps springing.

Overnight drop largely retraced, then not.

Sunday night’s drop to 2745.25 was greatly retraced to attack 2769.00 before the open. The open, itself, was greeted at the 2762.75 bias-down signal. Blipping-up 7 points to 2769.75 was reversed just as quickly, but then choppily, more than 18 points down to 2751.25.

That’s essentially the 2751.75 bias-down target. The 2762.75 bias-down signal had triggered cleanly along the way, so its minimum requirement is met.

Reacting up sharply to 2765.00 retested the 2762.75 bias-down signal as resistance. Which it still is, regardless of whether its target has been met. Which it was. Recovering the bias-down signal by 10:30 could have invalidated the bias-down signal. Which it wasn’t.

Resistance at the 2762.75 bias-down signal is so far holding. Recovering it at the bias environment’s exit would be bullish, at least for probing Friday’s highs above 2780.00. Otherwise, the decline is free to resume. And exiting the bias environment back at its lows could resume the decline in a very big way.