Post-open Review… Round-one is done.

Gap down recovery is rejected.

The 2790.25 overnight low had been retraced up to 2810.25 before the open. Flat-to-lower ranging greeted the open at 2802.00 where a blip-down to 2799.00 snapped back up to test the 2813.00 Globex opening print. It held.

The 2813.00 Globex opening print not only held, but it snapped back down to 2799.00, and then through it to touch the 2790.25 overnight low. No lower.

Back above 2798.25 has triggered a bounce whose 2709.00-area target is met. Fluctuating choppily around it is threatening to become something much more substantial than only a temporary bounce:

Coming out of the bias environment back in positive territory would form a sort of Isolation setup. Accumulative, exactly as last week’s failed rallies were distributive. Like any setup, fully forming without triggering — in this case, reversing down again after only recovering — could be as bearish as the reversal would have been bullish.

The bounce is testing its 2811.50 inflection point, and retesting resistance at the 2813.00 Globex opening print. Back under 2805.00 would signal that buyers failed, possibly also marginalizing them for the day. But extending higher into the noon hour would more likely target 2830.75.