Post-open Review… Waiting for another shoe.

Sunday night’s range holds through the open.

The pre-open recovery back up to the 2930.00 open didn’t break higher. That prevented an Isolation setup from forming. A post-open ally could have developed anyway, but the pre-open reaction only extended back down to the 2923.25 low.

Reactions up to 2929.00 still overlapped the 2927.00 bias-down target at 10:15 to avoid renewing the bias-down signal. But this is still a bias-down environment. And extending down anyway would next target 2921.25 (not being tested by 2 ticks).

Exiting the bias environment under 2919.00 would start to signal something more substantial underway than this morning’s drop. Perhaps the defensive posturing will continue until the market can become comfortable that China doesn’t have additional retaliatory strikes, other than what it announced already last week. Back above 2927.00 would start to signal a bottom is forming.