Post-open Review… A for effort.

Overnight drop fails to attract reinforcements.

The overnight drop ultimately extended down to 2908.00. Despite being within 2 ticks of Wednesday’s low, that doesn’t qualify as neutralizing its retest. But you wouldn’t know it from subsequent price action, which attacked 2914.00 pre-open, and 2917.00 post-open.

The proximity to retesting prior lows, the attempt to retest them, the gap down — all under this morning’s 2916.25 bias-down signal. If sellers can’t exploit these conditions, then they probably can’t, not today. And they didn’t

After invoking the grace period, a “late no-bias” triggered. And it triggered at a post-10:15 high to help confirm. Extending even higher since 10:30 is further confirmation that a test of the 2924.50 bias-up signal is in-play.

Currently, the bounce has reached 2922.25. We won’t consider an aggressive sell signal until the bias objective is met. And that’s not to say its test will resolve in one direction, or the other. Being a Friday, the afternoon will be vulnerable to only ranging sideways.