And, exhale…

Narrow morning range breaks lower into another narrow range.

The opening 15 minutes of volatility trended down from its 2111.00 open to 2107.00. That was retraced entirely back up to 2111.00, but never any higher. And not for lack of trying, as price held up through the bias environment.

Then the bias environment began lapsing at 11:30. The change in character was obvious immediately. Price plunged to fresh session lows into the noon hour, touching 2105.25.

Influence of the open”s downtrend can be rejected by exiting the bias environment at 1:20 back above its 2111.00 opening print. That would re-open the door to a bullish WedEX influence. But any lower would be difficult to recover, let alone to stop trending down.