Post-open Review… Two wrongs make a right-turn.

Steep opening drop to fresh lows.

Two key points from yesterday’s close and today’s open had a similar message: Last night’s rally was the wrong way to reverse the trend, like yesterday afternoon’s rally only to unchanged was the wrong way to reverse momentum. Neither one was reliable for extending higher Friday morning.

That faux bullishness didn’t prevent last night’s rally. But the addition of last night’s rally only steepened the consequences of not actually extending higher post-open.

In fact, the overnight pivotal uptrending support described during the Market Tour was broken immediately after the open probed only 1 point above the 2248.00 bias-up signal. And it was broken hard. The 2241.25 bias-down signal was touched to within 1 tick during the opening 15 minutes of volatility.

The first hour extended down further to 2236.75, triggering bias-down, and putting into play the 2235.25 bias-down target. The next lower target is 2230.00-2232.00, despite an air pocket under ~2241.00 not having materialized.

Back above 2240.00 (being tested now) could launch a corrective bounce, essentially targeting 2243.00. But no more than a corrective bounce is likely today.