Post-open review… Satisfied sellers, impatient buyers.

Bias-down target met, held, reacted, and nearly retraced.

The open firmed just enough to pierce the pre-open recovery high by 2 ticks up to 1977.75. Then price reversed down sharply to 1962.25.

The 1963.25 bias-down signal had been met and it was holding as support at 10:15, so the bias-down signal did not renew. And as is often the case, the decline ceased.

And as is occasionally the case, the decline was retraced. The 1970.00 bias-down signal was probed to also test 1976.25. Recall from the First Trade blog post that recovering 1976.25 through the opening 15 minutes of volatility could have made bias-down obsolete. Instead, it was tested during a bias-down environment. And its resistance has reacted down.

Being a bias-down environment, probing back above the bias-down signal requires being retraced. Often, the 10:15 print is retraced, too — that”s 1966.25. In fact, a reaction down from 1976.25 is now probing under 1970.00 to within 2 ticks of 1966.25.

Back above 1972.00 would target fresh post-open highs at 1979.25 or 1980.75. Any higher would target 1996.00-2000.00. Otherwise, the attraction remains alive back down to Thursday”s 1944.00 low — and to support along the way at 1960.50 and 1953.50.