Post-open Review… Stumble, stumble, plunge.

Still haven’t found strong-handed buyers.

Gapping down had suggested the rally would be seeking out buyers at lower levels, still trying to stretch the rubber band enough to snap momentum back up. “Lower prior highs” at 2275.00 had been the likely objective after Thursday and Friday’s dips to 2292.00 and 2287.00 had proved too shallow.

2275.00 was too shallow, too. A fresh low just printed 2263.25. Like the lows that preceded it, its 1-minute and 3-minute RSIs were oversold. And that requires at least an eventual retest of the low.

Currently bouncing to 2266.00, another point higher would start to suggest a bigger bounce underway. It’s too soon to suspect it of gaining traction, or of avoiding a retest of the oversold RSIs low.

A low will need to form relatively soon, and relatively nearby, because the only other support below is prior lows, and that’s not very durable.