Post-open Review… In too deep?

Post-open volatility still includes bounces.

Dipping overnight to test 2736.00 was recovered pre-open to test 2754.00. The 2750.50 open surged to 2756.00, which had been put into play by revisiting 2767.00 yesterday. Now it had been tested intraday, so closing back above it would signal that sellers were likely done. Its test extended up to 2758.75, but 2756.00 held as resistance through the open.

And now, after an interim dip attacked 2746.00, its reaction up is retesting the 2758.75 post-open high. This sudden optimism seems premature, since the overnight low’s retest has a minimum likely objective of 2738.50. Fresh lows would target 2732.00.

Closing today above 2756.00 is possible without yet fulfilling likely downside objectives. That would create a position of strength to better enable a recovery if another sell-off were attempted tomorrow morning. Or, 2756.00 could be both recovered and already exploited today.

So, until today’s close is above 2756.00, or until recovering 2767.00, bounces are possible, but not likely to be durable.