Post-open Review… Strrreeetch. Snap.

Post-open lows react up sharply. Then fail, more sharply.

A pre-open blip-down had pierced the 2708.00-2709.00 “lower prior highs” I described during the Market Tour. Its reaction up to 2715.50 revealed the inherent support there, as suspected there would be. But an intraday test would be optimal for the purpose of reversing the overnight trend back up.

So, post-open action slid to 2705.50.

That was more than 30 minutes following the open, before one bar finally didn’t overlap 2708.00-2709.00. It also probed a fresh low, making it a “detached bar” that reflects sentiment either becoming extreme, or making its extreme.

It was the latter, and price began firming. Then rallying. And pretty quickly, surging more than 10 points to touch this morning’s 2718.25 bias-down target as resistance. Perhaps a little too quickly. In fact, too quick of a reward, as China trade headlines triggered a sell signal. That has plunged to fresh lows at 2699.50.

Regardless of the decline’s degree, entering the noon hour back above 2708.00-2709.00 — preferably already exiting the bias environment higher — would suggest that sellers are done. Meanwhile, oversold RSIs at the low require its eventual retest. And extending down would next target 2688.00-2690.00.