Post-open Review… Too late to break?

Pre-open drop having trouble extending.

The open was greeted in scare-mode, having slid from 2710.00 to probe Wednesday’s low down to 2682.00 pre-open. Which was new sentiment for the overnight, since the only other aggressive overnight dip had held support, well above Wednesday’s low.

Late breaks from an overnight range are often false. Sometimes only so false as to retest the range before resuming the breakout, but often reversing back through the range in the opposite direction. Last night’s pattern qualifies as a range for being contained within yesterday’s late bounce, but it was a very wide range.

Anyway, the post-open bounce back into the range up to 2698.00 has been reversed back under yesterday’s low. That’s the original breakout direction, and not back up through the overnight range. The 2691.25 bias-down signal triggered. Its 2681.25 bias-down target was met already when the open blipped down to 2677.75.

The bias-down target can be retested. And fresh lows can be probed. But not already recovering into the bias environment lapsing would suggest that 2654.00 and 2635.00 are in-play, too.