Post-open review

Slow-playing is in the eye of the beholder.

Yesterday”s buyers haven”t yet been rewarded for having gained traction yesterday. Typically, that would be trending above yesterday”s highs during this morning”s bias environment.

Instead, the bias environment so far has been spent testing and retesting this morning”s 2049.25 bias-down signal as support. Each test has bounced, but only back up to 2055.00. 

That”s preventing a recovery from fulfilling an off-setting test of the 2061.50 bias-up signal. It”s in-play because the 2049.25 bias-down signal was tested before ultimately holding through 10:15. Breaking under it through 10:30 would have invalidated that, but it was probed later. 

In fact, probing 3 points under 2049.25 after 10:30 nevertheless held its 3-minute low. And a 9-point surge returned right back up to 2055.00.

Having dipped to 2050.00, back above 2053.50 should launch a recovery leg through the bias environment”s 11:30 exit. That”s now within 10-15 minutes, so probing fresh lows back under 2048.50 would undermine the rally potential.