Post-open review

Down the up staircase.

The first several minutes are critical to extending an opening gap. Overnight trending doesn”t yet have intraday sponsorship. So, it can attract counter-trend sponsorship that reverses it.

That was the possibility discussed pre-open about this morning”s reaction to the anti-Grexit leak. Not exiting the open above 2053.00 made the bias-up unlikely to be exceeded. And still overlapping 2050.75 didn”t make the bias-up any likelier to trigger at all.

In fact, bias-up triggered at 10:15, but was invalidated at 10:30. The alternative pattern — backing-and-filling to 2044.00-2046.00 — has been fulfilled.

Exiting the bias environment at 11:30 back above 2047.00 would start to signal the post-open dip had ended. Back above 2049.75 would start signaling momentum is reversing up to resume the rally. But exiting the bias environment under 2041.00 would undermine the recovery near-term.