Post-open Review… And then there were none.

Neither bullish scenario tracked away from the very bearish one.

The narrow overnight range allowed for a false break lower to stretch the rubber band, and then to snap back up into the bias timing window. But 2632.00 was probed down to 2628.50 before the 60-90 minute pre-open false break window opened. So, the open’s blip-down couldn’t qualify as a false break either. And its reaction up to 2638.00 became the trap — for longs.

The other bullish scenario would have neutralized Thursday’s “unfinished business below” at 2625.25 and recovered Thursday’s 2627.00-2629.00 prior lows in time to trap sellers. But the post-open reaction up to 2638.00 ran out the clock for that tight maneuver.

Neither of those bullish scenarios were assured to produce more than a retest of Thursday’s high, although they could have extended. But the bearish scenario isn’t likely to be so restrained. Natural support at Wednesday’s 2605.00 cash session close is already being attacked. Last week’s lows are 10 points lower, and the prior Friday’s low is another 10 points lower than that.

There’s no bullish reason to have retraced Thursday’s rally back to its origin. Any interim bounce before extending down is likely only obligatory and temporary. Closing back above 2620.00 could still dismiss today’s drop as being a function of global illiquidity.