Post-open Review… Will it stick?

The get out of stocks crowd got in and got out.

I had planned to sell an opening surge’s reaction down from 1887.00-1889.00, not much lower than 1974.00-1975.00 if needed. Its objective was a probe under yesterday’s lows, which was all but required since the session-long downtrend can only produce a momentum low — not the actual low.

My plan worked perfectly, except that the open was greeted by a slide already testing 1974.00-1975.00. It offered little support before extending to fresh lows at 1865.75. Only afterward did a bounce test 1887.00-1889.00.

Structurally, just probing under yesterday’s low allows the decline to end. Even in the most bullish scenario, yesterday’s session-long downtrend low could serve only as a momentum low requiring a retest. A multi-session bounce is free to develop.

Free to develop, and yet to develop. Potential down to 1864.00 wasn’t necessarily satisfied by testing it only overnight. Oversold RSIs at today’s 1866.00 post-open low would probably include its retest.