Post-open Review… Stretch, and snap.

Gap up fails, rubber band snaps back down.

The overnight rally didn’t begin too late to be credible. Its eventual probe above prior highs could have been earlier, but maintaining a gap up above 2415.00 was the main bullish condition. Extending the gap would have made it more reliably bullish.

Despite attacking 2417.00 pre-open, the first half-hour slid sharply back under 2415.00 to 2402.75. Behaviors during the open all but assured extending down. And ultimately, 2408.50‘s support proved to have been thoroughly chipped away, and offered no support along the way down.

Unexpectedly, bias-down did not trigger. Not for lack of trying, being probed by 3 points. But a bounce was testing 2405.75 at both 10:15 and 10:30 to avoid resolving either way. This is a noN-bias environment.

Currently bouncing to 2408.75 with potential to 2412.00, back under 2404.75 would signal the decline has resumed. Although the 2399.00 bias-down target isn’t in-play, coinciding with “lower prior highs” makes its test likely.