Post-open Review… Setting the tone.

Overnight drop extended through the open.

Testing the 2127.00 bias-down target overnight had produced a bounce that recovered the last downleg from 2136.00. Its test and retest greeted the open at 2131.00, on the way down to retest 2127.00. Breaking under 2127.00 through 10:15 has renewed the bias-down signal, next targeting 2121.25.

Meanwhile, the open gapped down under 2134.00 to help reject yesterday’s close above it. Closing under 2134.00 would help confirm this remains a distributive environment, likely to resolve bearishly.

Extending down to 2123.25 while 1-minute RSI diverged positively is producing a bounce. It’s now testing 2132.50, and could still test 2134.00. But back under 2128.50 would signal the drop had resumed.

This being expiration — quadruple witch, no less — sudden reversals are more possible, if not likelier. Exiting the bias environment back above its 2132.75 bias-down signal (being attacked now to within 1 tick) would suggest a bottom for the day is in. The afternoon otherwise remains likely to trend down.