Post-open Review… Reloaded.

Did the bounce refuel sellers?

Opening action surged  instead of retesting overnight lows. Potential up to 1834.50 was attacked to within 1 point, taking RSIs overbought.

That has been steadily retraced to signal further reaction coming. Its 1815.25-1817.00 target has been fully tested. Breaking under it would all but target a retest of overnight lows. And retesting overnight lows would all but resume the decline.

Why is it possible again to resume the decline? Not already extending down at the open had made a reaction up likely. That was because of the difficulty attracting sponsorship at that stage. But now a bounce is reacting down. And the bigger challenge has become attracting sponsorship to stop the trending underway.

Attention is turning from price to time. Not timing windows, but time remaining for liquidity. And not just the week’s remaining liquidity which is usual for Thursday mornings, but also the illiquidity of a three-day holiday weekend.

Breaking lower through the bias environment’s exit could become increasingly ugly through the afternoon. Otherwise, already rallying again would target 1850.00 and possibly much higher.