Post-open review

The most reliable path higher this morning would have gapped up above yesterday”s highs to trigger bias-up. That, or else exit the first hour above the bias-up signal anyway, invalidating the no-bias signal.

Neither path was followed.

Chicago PMI triggered a plunge that came within 1 point of the bias-down signal. But without actually touching the bias-down signal before triggering no-bias, an offsetting test of the bias-up signal isn”t in-play.

At least we”ve established the traction gained by yesterday afternoon”s won”t be rewarded this morning. That”s very important to continue forming the topping pattern. A retest of prior highs today remains possible, albeit not required. And a retest of prior highs during the afternoon”s bias environment remains likely to reverse down, albeit not require.