Post-open Review… More neutralization below.

Not so much required, as outstanding.

Friday’s reversal from the morning’s fresh highs had probed negative territory very briefly that afternoon. It just didn’t qualify as correcting the two prior sessions’ substantial combined rally. A deeper correction was likely.

Monday morning’s rally only exacerbated that corrective influence, by expending more buying pressure from a shallow pullback. Expending, and fulfilling. And that afternoon’s probe into negative territory confirmed the market knew its limitations, even leaving unfinished business below to encourage the correction to extend.

Which last night’s dip did, and could have fulfilled. Its pre-open reaction up to unchanged offered an opportunity to reverse up, but its natural resistance only launched a new downleg. The next lower objective other than bias calculations was to test last Thursday afternoon’s 2713.00 low. Obligatory support, at best, and likely to be probed down to 2705.00.

That was just met down to 2703.25. Oversold RSIs have helped to launch a bounce, now testing 2711.00, with potential to probe it up to 2714.00. That’s not required, and not required to hold, and back under 2707.75 would signal the decline is resuming.