Post-open Review… Sellers stopped.

Still negative, but bouncing off of support.

The open gapped down as much as 4 points to touch the 2364.00 bias-down signal. Its reaction up to 2366.00 was retraced to 2363.50 while RSIs diverged positively or made higher lows. A higher reaction up to 2367.00 avoided triggering bias-down. An offsetting test of the 2372.25 bias-up signal is in-play.

We had already assumed trending would be difficult ahead of this evening’s speech. We assumed trending down will be difficult since the pre-open TGT earnings miss barely affected price action. A rally this morning doesn’t require trending, as price can simply gravitate toward the range’s upper-end.

The recovery’s potential would become suspect if a dip fails to hold 2364.50. It’s being attacked now. Back under 2363.50 would start to suggest a deeper dip underway.