Post-open Review… The mother of all ineffectual optimism.

Relentless overnight rally retraces entirely.

Having probed 5 points above yesterday’s highs to test 2688.00, maintaining a gap up would have been reliable for trending up this morning. Odd. Ongoing “ineffectual optimism” since Friday’s low had been suggesting the entirely opposite resolution.

Either an overwhelming opposing undercurrent was emerging, or else the overnight rally’s optimism would be rejected. The overnight rally had last formed a Symmetrical Triangle. The pattern tends to break falsely in one direction before reversing more substantially in the opposite direction. But that reversal would have to be underway through the opening 15 minutes of volatility.

Already sliding greeted the open at 2682.00. Choppiness tested the 2683.00 bias-up target as resisarameters were rejected, putting into play offsetting tests of both bias-down parameters at 2663.50 and 2655.25. The low so far is 2666.00. The signal triggered late, so its objectives aren’t required. They’re likely anyway, since the signal triggered late while probing fresh post-open lows.

More significant is all but confirming the trend is down. Yesterday’s low was itself shallower than the interim price action deserved. Recovering the 2683.00 bias-up target would suggest otherwise. Meanwhile, bounces are likely to fail.