Post-open review

Refueling buyers is messy.

The overnight ranging back down to 2093.50 had extended down to 2090.00 into the open. Its initial reaction up was reversed to a fresh low testing the 2089.00 bias-down signal down to 2088.50.

But the bias-down signal wasn”t touched until AFTER 10:15. Only the pre-open low was being attacked by then. Bias-down wasn”t triggered so this is a “no-bias” environment. Bias-down wasn”t TOUCHED, so an offsetting test of the 2100.75 bias-up signal isn”t required.

I expect 2100.75”s test anyway. Yesterday”s 2101.50 objective is outstanding above the 2100.75 bias-up signal. And the bias-down signal did hold a test through 10:30. It reacted up almost immediately into a 5-point rally now testing 2093.50.

Exiting the bias environment under 2089.00 would make fresh highs today unlikely. Meanwhile, I”m still assuming the open”s selling was just defensive posturing ahead of today”s events.