Post-open Review… It’s not always the best offense.

Post-open rally refuels sellers.

Rallying through the open became likely early enough to identify a 2038.25 buy signal. Its 2055.50 objective was met during the first half-hour. And then it was exceeded to attack 2065.00.

Recovering 2055.50 through the opening 15 minutes of volatility would have signaled the overnight selling pressures were absorbed. Instead, this morning’s bounce is more likely refueling sellers for a more substantial downleg. Overnight lows should be retested down to 1993.50.

The question is when. Today is possible, but the morning bias environment should begin lapsing in decline. Late-afternoon is possible if the open’s rally has only hovered through the afternoon bias environment. Otherwise, trending up further this afternoon could delay fresh lows until next week.