Post-open Review… On the precipice.

Bias-down target’s test is a decision-point.

Stretching the overnight recovery from 2781.50 up to 2792.75 didn’t ensure a post-open recovery. In fact, reversing down greeted the open back down at yesterday’s 2789.00 last-minute low, which offered no support. Attacking 2781.00 reacted up, by enough and in time to invoke the 2785.00 bias-down signal’s grace period.

2785.00 held as resistance to trigger late bias-down. Fresh lows at 10:30 ensured the 2777.25 bias-down target was in-play. And now it has been probed down to 2775.50.

There was no bullish reason to test 2777.00 last week, and no bullish reason to revisit it today. Maintaining its break would next target 2753.50. Under 2776.50 would start to signal that leg had begun.

Otherwise, isolating the 2777.00 test by exiting the bias environment above a relevant resistance could marginalize sellers for the day. Back above 2781.00 would be a start.