Post-open review… Round two, out of three?

Open”s retest of pre-open low goes poorly.

The pre-open bounce from 2082.25 to 2092.00 was retraced at least 61.8% before the open. Had that 2085.75 measurement held, then post-open strength would have trended up sharply.

But that last line in the sand to avoid fresh lows didn”t hold. The low”s retest extended down sharply to 2072.50.

This is the retest of uptrending support described during the pre-market Tour. It was fulfilled during the bias timing window. But it wasn”t rejected. Price was still consolidating at 10:15, similar to one of the criticisms of yesterday”s post-open consolidation.

Now a 7-point bounce to 2079.50 is reacting down under a 2076.00 sell signal. Its objective is fresh lows, potentially down to 2066.00. The minimum requirement to invalidate this break would be to recover back above 2081.00.

The passively bullish WedEX may yet prevent trending down this afternoon under whatever is the morning”s low. WedEX may facilitate a recovery from probing fresh lows during the afternoon. But meanwhile, buy signals from under a prior high will be less credible than after bottoming has formed.