Post-open Review… Not the slowest or the steadiest.

Post-open plunge is settling in.

The gradual overnight recovery had probed the gap back up to Thursday’s 2449.75 close by 3 ticks. But the gap wasn’t filled intraday. Not until an opening dip was recovered just high enough to get it done. Just long enough, too. Immediately reacting down slid to 2544.00.

The setup I had described would have done that after probing last week’s high, and not just coming to within 1 tick. So, the pattern is the same, but more pessimistic. Sellers haven’t refueled to their potential, making a shallower low more capable of holding.

Shallower, like 2541.00 instead of 2535.00. A retest of Friday’s 2541.50 low of Friday’s would have room down to 2535.00. Having held a test of the 2549.00 bias-up signal, this morning’s no-bias environment has put into play an offsetting test of the 2541.00 bias-down signal — which today’s low-volume environment will help to hold.

Bounces meanwhile have room up to 2547.50 while keeping alive the downside attraction. Probing under 2543.00 would allow lowering the buy signal.