Mid-day Update… Checking for another pulse.

Post-open surge returns to its lows.

Was this moring’s 2073.00 bias-down signal not rejected until 10:30 because the EIA report had inhibited price action? Possibly. It triggered a 5-point surge to 2078.00 where at least some hesitation had been likely.

But that surge was retraced entirely, probing 3 ticks under the overnight lows down to 2068.75.

Ranging narrowly for two hours has held 2073.00 as resistance. Now the noon hour is being exited and the afternoon’s bias timing window is just minutes away. Reaction to the 10-year auction is retesting the low.

It’s only a knee-jerk reaction down if 2071.50 and 2073.00 are recovered now. That’s still quite a bit short of the 2076.75 bias-up signal. A rejection of yesterday’s rally isn’t very likely today, but that doesn’t prohibit probing fresh session lows before recovering.