Post-open Review… Maybe 4th time will be a charm?

Prior highs hold again.

There is no bearish reason to again retest 2390.75 post-open. In fact, it was touched pre-open in reaction to the Employment Situation report. Three errant ticks pierced it on the opening bar. It reacted down to 2388.00 through the opening 15 minutes of volatility. But 2388.00 was still being overlapped.

Nevertheless, the reaction has extended to 2385.00, triggering late bias-down. The pattern’s measurement’s target 2384.25. And an offsetting test of the 2382.00 bias-down signal is in-play.

Starting this morning’s dip from so high has created more room to expend selling pressure without it yet damaging the chart. Still overlapping 2388.00 at 9:45 suggests that sellers aren’t strong-handed, while buyers are patiently awaiting the rubber band to be stretched. No buy signal will be considered until testing an objective, or recovering 2388.00.

Regardless of the potential for its eventual recovery, the near-term objective is lower. And nothing prevents it being probed even deeper after the bias environment begins lapsing. RSIs haven’t even gotten oversold, so sellers are barely breaking a sweat.