Post-open review

Lower open, on steroids, i.e. expiration.

The pre-open headline battles deposited the open at this morning”s 2090.75 bias-down signal. Its immediate reaction up to 2093.25 was reversed as quickly into a dive that touched the 2084.25 bias-down target.

Despite probing lower down to 2082.25, the bias-down target was recovered through 10:15. The bias-down signal was not renewed.

This is still a bias-down environment. At least, until it starts lapsing at 11:30, or until coming within 10-15 minutes of it starting to lapse. Bounces are possible, but less likely to gain traction. A retest of the low or its attack is likelier, potentially to be probed down to 2080.00.

Currently, a bounce just retested the open”s 2093.25 high while ranging around the 2090.75 bias-down signal. Extending the narrow range for another 20-25 minutes and then rallying could reverse to new highs. Rallying before then would be capable of extending, but not confidently.

By the same token, expending energy just to hover around the 2090.75 bias-down signal, only to start dipping again at 11:30, could trend down much deeper into the afternoon.