Post-open review

Bumpy ride visiting both extremes.

The 2108.50 bias-up signal didn”t trigger. The grace period was almost invoked, touching the bias-up signal within 1 minute of being within 3 minutes of the 10:15 trigger, and then within 1 tick within those 3 minutes. Neither condition qualifies for invoking the grace period.

But regardless of invoking the grace period, later exceeding the bias-up signal through 10:30 can still invalidate the 10:15 signal. In fact, fresh highs up to 2111.75 did just that. The no-bias signal is invalidated.

Being invalidated, the 2114.50 bias-up target isn”t necessarily in-play. It won”t become “unfinished business above” if not yet met when the bias environment begins lapsing at 11:30. But 2113.75 and potentially 2115.25 are in-play according to the opening swing”s measurements.

Describing the tortured test of the bias-up signal should acknowledge its earlier reaction down that was sparked by Yellen”s remarks. The drop wasn”t arbitrary, coming to within 1 tick of the 2102.50 bias-down signal. Almost all available selling pressure was expended without gaining any traction for the effort. Buyers were almost fully refueled. If they can”t maintain this probe of new highs, then they”re done.

So, the origin of trending up above prior highs requires entering the noon hour above prior highs. The alternative would reverse the trend back down intraday.