Post-open Review… Selling doesn’t wast time.

Doubly renewed bias-down.

The overnight slide had greeted the open at the morning’s 2087.25 bias-down signal. Post-open action blipped-down 4 points momentarily, but its reaction up to 2088.00 was retraced even more aggressively. And much more substantially.

The 10:15 bias timing window renewed the bias-down signal by exceeding the 2082.25 bias-down target. The first hour has extended down to the 2072.50 minimum lower objective.

Objectively, by probing under Friday’s low, the market has fulfilled the minimum consequence to Friday’s failure to reverse up from probing under 2088.00. Structurally, by testing the 2072.50 “throat” of a recent “V” bottom, the market has tested a relevant support.

Calculably, potential for testing the 2070.00 area now relies on maintaining the downward momentum. And that’s being threatened — at least 1-minute RSI just diverged positively at 2071.75, before reacting up to 2075.50.

I’m not looking for a durable bounce this morning, and probably won’t chase a buy signal without the market forming a bottoming pattern. Potential to extend down remains intact, but no longer required.