Post-open Review… Playing defense.

Overnight rally’s pre-open reversal extends deeper through the open.

Already dipping from 1907.50 to 1894.00 changed the challenge from recovering Thursday’s ~1914.00 close, to recovering Thursday’s 1895.00 low.

It was not. Selling instead steepened at the open on its way down to 1878.00.

Piercing Friday’s 1881.00 upper-end was quickly rejected in time to trigger its bias-up signal. But the 1887.50 bias-up target wasn’t exceeded in time to renew the bias-up signal. So, natural resistance at the 1894.00 open has pushed price back under 1881.00.

If testing 1881.00 once wasn’t optimal to a recovery, then retesting it is bearish. The bias-up environment is within view2 of lapsing, so its bias-up signal no longer need hold as support.

Back above the 1887.50 bias-up target would indicate that selling pressure had been absorbed. Otherwise, no rejecting the post-open slide — and extending it lower through the noon hour — would target 1865.00-1868.00 and potentially new lows.