Post-open Review… Weak-handed buyers.

Recovery holds resistance, reaction breaks support.

The overnight drop to significant support at 2892.00-2894.00 “lower prior highs” had blipped-down to 2889.50. That was a rubber band stretch, which snapped back up to probe the 2908.75 bias-up signal by 3 points before the open.

Yet another open being greeted by an overnight rally, albeit this time a rally from negative territory. Regardless, yet again, post-open sentiment took a 180-degree turn. The open was narrowly consolidated around 2908.75 through the opening 15 minutes of volatility. And the consolidation broke lower to test the 2899.00 bias-down signal.

No-bias triggered cleanly, but breaking under 2899.00 through 10:30 invalidated that. This is an invalidated no-bias environment. No requirement for the bias-down signal to define its lower-end, no requirement for an offsetting test of the bias-up signal.

After extending down to 2895.00, a bounce is now testing 2899.00 as resistance. But is it too late to extend down? Is strong-handed sponsorship done for the day, ahead of the 3-day weekend? Back above 2901.50 would start to signal another bounce. Otherwise, back under 2897.25 would resume the decline.