Post-open Review… Try, try again.

Maximum support tested, reacted, but not quite rejected.

1945.00 wasn’t really the lowest of the “lower prior highs” whose support could stop the decline. Lower than that range, 1945.00 is the lower-end of the lowest structure among the lower prior highs. So, holding its test represents expending all possible selling pressure without gaining traction for the effort.

Firming into the open and then surging was in-line with having expended all available selling pressure. So is eventually extending to 1965.50. But neither is proof of the trend reversing up.

Currently, a reaction down to 1956.00 has reacted up to 1961.25 resistance in an attempt to resume the recovery. It could extend to 1969.00 before suggesting something substantial underway. And “higher prior lows” at 1977.00 could still be a problem. Back under 1957.50 would start to signal the recovery may have ended.

This being expiration — like all Fridays, but on steroids — trending is difficult enough to start, and more difficult to reverse once started. The gap down is trying to launch an uptrend, and exiting the bias environment with that intact could marginalize sellers for the balance of the day.