Post-open Review… Setting the tone.

Opening plunge’s retracement only resets the opening plunge.

Last night’s bounce up to the 2616.50 bias-up target had been retraced down to 2602.00 through Europe’s opens. A couple of times. The second time fell further, probing under Friday’s lows to greet the open at the 2593.75 bias-down signal.

Price promptly plunged through the opening 15 minutes of volatility to fresh lows at 2571.00. The next half hour recovered to attack 2593.75 to within 2 points, reacting down enough and in time to trigger bias-down.

The 2586.00 bias-down target held to avoid renewing the signal, but this is still a bias-down environment. The drop is free to resume, especially under 2581.00 — whose test just reacted up 13 points.

Today’s opening print was within last Monday’s range, so it is not a gap down under all prior lows that would require being retested from above. A rally here would leave no unfinished business below. However, that same opening structure undermines the gap back up to Friday’s close from being filled.

That said, back above 2595.50 could test 2622.00, back into Friday’s and last night’s ranges, while still being likely to resume the decline. The next lower objective is 2530.00-2538.00, probably on the way down to 2500.00.