Post-open review

Distinction without a difference?

The pre-open dip to 2101.50 had reacted up to 2015.25. Suddenly, the rubber band greeting the open was stretched in the other direction. Rather than snapping up, it snapped back down to retest 2101.50.

But 2101.50 support held. So did 2103.25 resistance, the bias-up signal. It was still being tested to within 1 tick within 3 minutes of 10:15, after recovering from two more probes under 2101.50.

Ultimately, the 2103.25 bias-down signal wasn”t recovered. This is a bias-down environment, late or otherwise.

It”s too late to be invalidated simply by recovering back above the bias-down signal by 10:30. Now invalidating bias-down must avoid a fresh post-open low under 2100.00, and recover the 2105.00 post-open high by 11:30.

Currently, the 2103.25 is still being overlapped. But back under 2101.50 would probably prevent us considering another buy signal, at least prior to fulfilling the 2097.50 bias-down target if not also probing under it by 2 points deeper.