Post-open Review… Quick plunge steadily recovers.

Yesterday’s low hold a retest.

We discussed a bullish setup during the Tour. So long as yesterday’s 2616.00 lows either avoided or absorbed a test through the open, its reaction up would have filled the gap back up to yesterday’s 2633.00-2635.00 close. But that bounce had played out already to open at 2632.00-2634.00. The bullish setup was inverted.

Inverted, and rejected. The opening 15 minutes of volatility plunged 22 points to 2611.25. Yesterday’s lows were broken. But the break’s low printed at 9:45, and never printed lower. That’s an opportunity for a low, an alternative method to absorb a test. A very choppy recovery bounced 11 points to 2622.25 by 10:15.

Bias-down triggered, but wasn’t renewed. The bounce has extended another 12 points anyway to attack 2635.00. This is a bias-down rally, and requires being retraced at least to its 2624.25 bias-down signal. Often, the 2718.00 10:15 print will be retraced, too.

Retracing the bias-down rally would prevent recovering the filled gap. And that would keep alive the downtrend. Otherwise, entering the noon hour above 2633.00-2635.00 would suggest a bigger bounce underway.