Post-open Review… Trying to bottom.

Pre-open bounce reacts down, too.

Firming back up to the 2550.75 bias-down target and greeting the open there told us before the open that a bounce to 2553.75 would be a compelling short-entry.In fact, the first 3 minutes spiked up to 2554.75 and the next 3 minutes spiked back down. The first 45 minutes trended back down to attack 2445.00.

Bow a bounce is testing this morning’s 2550.75 bias-down target as resistance. Back under 2548.00 would signal the bounce had failed. Otherwise, even a bearish scenario could bounce higher this morning.

A bounce had better do more than that, and for longer, to avoid a more sizable downleg.

Why? Because just as expiration can influence price action, price action can influence expiration. The latter happens less frequently, but it may be happening today. Commitments reflected at the time of Wednesday’s close  — which is the essence of the WedEX setup — can require reshuffling due to Thursday’s sudden plunge. And that can exacerbate the plunge.

Unless the open were to absorb the plunge.

Not absorbing the open’s plunge would next target 2543.00 and 2535.00-2536.00. Exiting the bias environment under its 2550.75 bias-down target would help to keep alive downside potential. But entering the noon hour back above the 2556.00 bias-down signal would suggest the plunge was absorbed.