Post-open Review… No takers.

Overnight rally reacts down sharply from resistance.

The overnight rally up to 2655.00 had consolidated for several hours. Almost an hour before approaching the open, a 19-point plunge attacked this morning’s 2625.75 bias-up signal as support to within 1 point. Bouncing into and out of the open attacked 2655.00. Its reaction did worse than before the open, plunging almost 35 points to touch 2620.00.

The 2625.75 bias-up signal is still being overlapped, and not necessarily broken. Not yet. Being a bias-up environment, 2625.75 should define the window’s lower-end. Hovering here into  the bias environment lapsing would be more vulnerable to resolving down. This requirement to hold or to retest the bias-up signal doesn’t prevent breaking under it, by a lot.

Back above 2636.25 would start to signal momentum reversing up. There’s a lot to retrace before suggesting a bigger bounce may be underway. Meanwhile, it’s still likely that overnight highs completed the corrective bounce.