Post-open review

Getting a quick start, and paying the price.

The overnight drop extended back to yesterday”s 2032.00 last relative low until almost the last possible minute. The reaction up attacked 2043.00.

A couple of relevant points about that: 2032.00 was never touched post-open, so its test didn”t actually hold. That would have been more bullish.

The 2035.25 bias-down signal did recover through 10:15 from its test. Thsi puts into play an offsetting test of the 2046.25 bias-up signal.

The gap back to yesterday”s 2042.00 futures close was filled, and reacted down. It”s attraction is neutralized. The gap back to yesterday”s 2043.50 cash session close remains outstanding.

Expectations for the overnight drop to recover are intact. In fact, an interim dip back under 2035.25 didn”t extend deeper than its first 3 minutes. Proving it weak-handed, an 8-point reaction up is now retesting 2041.00.

Exiting the bias environment under 2033.25 would be bearish. But the recovery attempt otherwise remains intact.