Post-open Review… The search for buyers resumes.

Opening dip attacks yesterday’s low.

Yesterday afternoon had been trying to trigger a sell signal under 2270.00 when a late rally began. Originating late, its sponsorship was weak-handed, dooming it to failure. Further undermining the recovery attempt, the late bounce fulfilled the maximum bounce target at 2277.00. And held it. And closed AT the critical 2275.00 instead of above it.

One overnight plunge to 2268.00 was recovered entirely to 2275.00. The open could have isolated the probe under 2275.00 to the overnight. It didn’t. The open was greeted at 2269.00-2272.00.

Yesterday afternoon’s sell signal under 2270.00 would have targeted a retest of the morning’s 2263.50 low, required by its oversold RSIs. That was attacked to within 3 ticks while probing under this morning’s 2271.50 bias-down signal and its 2266.00 bias-down target.

The reaction up triggered a buy signal above 2266.75 that extended up to 2269.75. Having fulfilled the bias-down target, entering the noon hour back above the 2271.50 bias-down signal could launch a rally back to new highs.

But stopping optimistically short of actually touching yesterday’s low isn’t likely to produce a durable recovery. Fresh lows would target 2259.75, which could hold as the low, or else break lower targeting a retest of 2248.50.