Post-open Review… Still no unfinished business above.

Overnight rally hits its resistance, plunges through the open.

Gapping up above yesterday’s 2762.00 high could have reinstated the rally. Its upside momentum became inertia when yesterday’s close overlapped its 2753.00 open. This setup often appears at extremes because it reflects the trend sponsorship’s weakness.

That vulnerability probably exacerbated the reaction to pre-open headlines that triggered a 20-point collapse to 2737.50. Extending to 2730.25 post-open held under Tuesday’s 2738.75 and 2741.50 last relative lows through the opening 15 minutes of volatility to create an anchor below.

None of which prevented a bounce, which tested the 2746.50 bias-down signal’s resistance up to 2748.25. Already too late for its recovery to invalidate the bias-down signal, and required to define the window’s upper-end, a 13-point plunge attacking 2735.00.

The headline catalyst is artificial, better enabling the latest plunge’s recovery. Recovering the 2746.50 bias-down signal into the noon hour could retest 2755.00. Otherwise, the decline remains vulnerable to extending down.