Post-open review

A pre-open surge back to the open”s highs greeted the cash session by touching this morning”s 2074.00 bias-up signal. Its reaction down to 2070.50 forms the lower-end of flat-to-higher ranging since the open. Now 2076.25 is being retested by 1 point.

Flat-to-higher ranging lacks momentum. Unfortunately, bias doesn”t compensate for that deficiency, as it triggered noN-bias.  The bias-up signal was overlapped at 10:15 to invoke the grace period. It was still being overlapped at 10:30 to avoid triggering altogether.

A noN-bias environment is not bias-up with the bias-up target in-play, and it”s not no-bias requiring an offsetting test of the bias-down signal. A buy signal can be credible, and could still test the 2079.25 bias-up target, or even probe it up to 2086.50.

But keep in mind the shaky base where any rally is originating. Even the most impressive productivity this morning will remain vulnerable to reversing down sharply this afternoon.