Post-open review

So bullish, it was bearish…

The overnight recovery from 2025.50 had filled the gap back up to Friday”s 2045.75 cash session close. That”s a lot of buying pressure, but it wouldn”t gain traction for the effort without the opening 15 minutes of volatility also recovering something relevant — like, a prior low like Friday”s 2046.50 low, if not also Friday”s 2049.25 “higher prior low.”

Instead, the 2043.25 opening print soon extended back down to 2034.50. And that was soon recovered, but only back to 2043.25. Price action through 10:15 AND 10:30 narrowed its range around the 2040.75 bias-down signal.

In fact, ranging around the bias-down signal narrowed so much that it was still being overlapped instead of triggering. This is a noN-bias environment. It”s not a bias-down that would require testing the target. It”s not a no-bias that would put into play an offsetting test of the bias-up signal. We don”t have the luxury this morning of a bias signal.

That said, just preventing a decline from gaining traction should default to being bullish for a recovery. The struggle through 10:15-10:30 is already resolving up 6-1/2 points to 2047.25.