Post-open review… Nice try.

Pre-open clears away more of the path down.

After the overnight drop to 2008.75 had been recovered — at least probing above yesterday”s futures close to attack 2029.00 — I noted in the First Trade blog post the risk of fresh lows, despite that seeming counter-intuitive. While anything can happen during expiration, it already had. The overnight drop had started clearing a path down.

A last-minute plunge before the open did probe a fresh low down to 2007.50. That reacted up 10 points to test 2017.00 before 9:45. That was retraced back down to 2009.00 in time to prevent the opening 15 minutes of volatility from trending — just as we discussed during the pre-market Tour, since that would have conflicted with the bearish WedEX.

Those swings formed a Symmetrical Triangle that launched a bigger upleg to its 2022.00 target. Symmetrical Triangles tend initially to break falsely in one direction and then to reverse more substantially in the opposite direction. So, having fulfilled buying pressure, the decline was free to resume.

Which it did by tumbling to new lows at 2003.00. As pointed out during yesterday”s post-market Tour and this morning”s pre-market Wrap, that represents “lower prior highs,” and the last opportunity for a bounce before basically falling off the cliff.

So far, that bounce is testing 2008.00. It hasn”t even touched the overnight low, and it has barely touched the post-open low. That”s not much of a bounce. The decline is free to resume,.. and look out below if it does.