Post-open review

Another rally”s traction rejected.

The overnight slide to 2060.75 was retraced pre-open to test 2065.25. That was yesterday afternoon”s bias environment low. Maintaining a gap down under it would form a “session-long decline.”

The 2063.75 open bounced up to test 2067.00. Being this morning”s bias-down signal, it is resistance. Not recovering it through 10:15 would trigger bias-down.

In fact, its reaction down plunged to 2059.00, testing its 2060.25 bias-down target. Bouncing again held above the bias-down target to prevent renewing the bias-down signal. 

But this is still a bias-down environment, whose upper-end should be defined by the 2067.00 bias-down signal. And while the bias-down target isn”t likely to break lower during the bias environment since it held its test through 10:15, it still may.

This is also a “session-long decline,” since the gap down under 2065.25 wasn”t recovered through 9:45. Not for lack of trying, considering the bounce up to 2067.00. But now all but one timing window should probe under the prior timing window”s low.

That one exception is usually the noon hour. But it would be this morning”s bias environment if the open”s 2059.00 low isn”t probed by 11:30. And entering the noon hour back above 2067.00 would instead invert the session-long decline, becoming as bullish as the setup would have been bearish.