Post-open review

A drop this morning by any other name…

The overnight recovery to 2114.75 was trying to defend its 2112.75 support. Then 8:30”s trio of econ reports triggered a drop back down to and through overnight lows to 2108.00.

The pre-open drop wasn”t likely to have changed the narrative. Neither was the post-open drop. Despite only bouncing to 2114.75 and not actually opening there, yesterday”s highs are likely to be retested before a durable downleg begins.

A post-open bounce tested 2111.00. It resolved back down to and through post-open lows, triggering a sell signal that targeted 2104.25. Its test reacted up in time to overlap the 2106.25 bias-down signal at 10:15, invoking the grace period. 

2106.25 was being overlapped again at 10:30, so this is a noN-bias environment. Neither bias parameter is in-play — not a test of the bias-down target, and not an offsetting test of the bias-up signal.

Meanwhile, a buy signal that had triggered above 2106.50 held its pullback limit, and is now extending higher to 2109.50. A fresh post-open high would all but marginalize sellers (they can”t be marginalized so long as the low”s oversold RSIs remain un-retested).