Post-open Review… Relentless, indeed.

Overnight drop finds reinforcements.

Initially bouncing 3 points from a test of this morning’s 2461.50, which is this morning’s bias-down target, the overnight drop never recovered. The opening print was essentially 2461.50, and it quickly attacked prior lows. Another quick bounce was absorbed and reversed down quickly to fulfill the bearish scenario of sellers taking immediately control.

And the results were dramatic. The opening 15 minutes of volatility ended at what would have been the 2455.75 renewed bias-down target. Its reaction up to 2460.00 really let go with a plunge to 2449.00.

Although that last plunge is now bouncing back up to 2455.75, the mold is already set. The initial bounce from 2455.75 could have ended the drop — 9:45 was the low print, RSIs diverged positively on its retest, and its bounce limit was violated. But not only were the conditions not exploited, an attempt failed. There is no second bite at that apple this morning, and all bounces to whatever degree should also fail.

Back under 2453.75 would start to signal the decline resuming. And the decline should resume regardless, so long as 2458.25 isn’t recovered.