Post-open review… About last night.

Pre-open drop extends into the open, and out of it.

Sliding from overnight highs greeted the open at this morning”s 2127.25 bias-up signal. That was the extent of its support, as post-open action plunged to 2122.25.

That was yesterday”s noon hour low. Any lower through the opening 15 minutes of volatility would have invalidated the rally”s traction it gained yesterday afternoon. It held, so the reward of probing yesterday”s highs this morning remains intact.

But there”s a contradictory signal. The 2127.25 bias-up signal didn”t trigger, after having tested it, which puts into play an offsetting test of the 2119.25 bias-down signal. 

This contradictory signal could have been negated by recovering 2127.25 at 10:30. It was being attacked then to within 1 tick, but not recovered. It can be negated at 11:30 by exceeding the open”s 2127.75 high. In reality, 11:30 ought to be probing much higher, if at all.

Otherwise, 2127.25 is the range”s upper-end. It”s being tested now, and back under 2125.25 would resume the post-open drop targeting 2119.25, and potentially 2114.25, too.