Post-open Review… Moment of truth.

Fresh lows are the beginning, or the end.

Wide, choppy ranging since before midnight had been contained largely within 2649.00-2656.00. The opening 15 minutes of volatility chopped around just below toward the overnight range’s upper-end. But the opening 15 minutes did not trend, so no downside momentum was indicated.

Breaking lower to 2641.25 held a test and retest of the 61.8% retracement of the gap between Thursday’s cash session close and Friday’s opening print. This is the last line of defense I had noted during this morning’s Market Tour. It’s also the only price action to have developed under Friday’s range — all of the selling since then is otherwise an Inside Day.

Reacting up just tested 2650.00, and could extend up to 2652.50-2654.50, while still being only temporary. Recovering back above 2656.00-2657.50 during the bias environment could end the pullback and keep 2710.00 in-play. Otherwise, back under 2645.00 (being tested now) could resume the decline. And closing under 2656.00, after having opened under it, would invalidate 2710.00 and probably also end the bear market rally.