Post-open Review… Tough resistance.

Bias-up target’s test reverses down hard, momentarily.

The overnight rally had extended up to this morning’s 2718.25 bias-up target. Not intraday, but overnight. In an ongoing setup likely to trend up post-open. Reacting down was likely, but so was a recovery.

Reacting down, no problem. The open was greeted back at the 2711.50 bias-up signal. Recovering, problem. Bouncing out of the open peaked upon testing 2716.00, and reversed down to fresh lows at 2709.50.

There already was no bullish reason to revisit 2711.50 after testing 2716.00. Fresh lows tested 2704.00. This is a no-bias environment, putting into play a test of its 2702.25 bias-down signal for having held a test of the bias-up signal.

A bounce is now testing the 2711.50 bias-up signal. It’s too late to trigger, and it’s too late for its recovery to invalidate that it didn’t trigger. It should hold, or at least hold its test before resolving down to fulfill the test of 2702.25. Extending higher anyway would only be doomed to failure later.