Post-open Review… Slippery slope.

Reversal into the red has set the tone.

Having probed overnight above the prior session’s high, exiting the open under the earlier overnight low has signaled a bearish morning. Other observations include the overnight high touching what is this morning’s 2709.00 bias-up signal — which is also the next rally’s next higher target in-play.

But that was overnight.

The open was struggling to maintain positive territory, and bounced momentarily back above 2804.00. But the 2803.75 earlier overnight low broke lower through the opening 15 minutes of volatility. As did one of Friday’s last relative lows at 2801.50.

Meanwhile, this morning’s bias-down did not trigger. Its 2797.75 signal wasn’t even touched by 10:15, despite having been in proximity for awhile. Another bounce is resolving down to fresh session lows anyway, but its “no-bias trending” will require retracing 2797.75 before a downleg can be very credible for extending. Having said that, I’d still give sellers a benefit of the doubt.

So far, two tests of 2797.75 have been interrupted by a bounce attacking 2802.00. Its recovery would start to signal momentum reversing up. An offsetting test of the bias-up signal wouldn’t be recovered, since bias-down wasn’t tested in time.