A no-bias rally?

Wild opening swings open the door to wider moves ahead.

[pay]The opening gap’s 1330.25 print eventually extended up to 1332.75. A drop from there filled the gap back to Friday’s 1327.50 close.

Natural support at Friday’s close launched a bounce back up to natural resistance at today’s opening print. Having tested both, now it would be unnatural for either 1327.50 or 1330.25 to influence fluctuation again intraday.

So, back above 1330.25 should extend to the next higher resistance levels – this morning’s 1331.25 bias-up signal, and potentially a fresh high at 1333.00.

Also, back under 1327.50 should extend down to 1324.75, which is this morning’s bias-down signal. There is already an objective to test of this morning’s bias-down signal since no-bias was triggered after testing the 1331.25 bias-up signal.

The bigger picture still leans toward there being more distributive action this morning, and potentially into the afternoon. A visit to 1337.00-1338.00 would be optimal to forming a top. Declining already into the afternoon would point further down anyway, if only for a corrective dip.

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