Post-open Review… Impulse sale.

A lot of selling pressure expended, satisfied.

Yesterday’s open gapped up to 2430.00 and dipped briefly down to 2425.50 before resuming its intraday rally to 2440.50. That is now being retested down to 2426.00, while bobbling up to 2430.50. Will this area launch another rally?

The overnight dip down to 2439.00 was a close-call that avoided reversing into negative territory. But there was no bullish reason for its retest after bouncing. And its bounce bounced a lot, attacking the 2445.00 overnight high.

Opening at 2440.00 quickly slid to test the 2431.50 likely objective. Triggering the 2434.50 bias-down signal put into play its 2428.00 target. And a pattern formed along the way with potential to 2426.25. All were met. And the target was only being overlapped at 10:15 to avoid renewing the bias-down.

A retest of 2426.25 is reacting up through 2431.50 as resistance. Regardless of being probed, it should define the morning’s lower-end. A retest of last night’s highs remains possible before the weekend. Back under 2428.00 would now suggest otherwise, potentially clearing the way to and through yesterday’s 2413.50 overnight lows.