Post-open Review… Alley cats in a burlap sack.

Volatility contained, but not constrained.

Second time wasn’t a charm. The overnight rally to 2928.75 was in proximity to gap up above yesterday’s 2928.25 noon hour high. Like yesterday’s overnight rally, it would have resumed yesterday afternoon’s late bounce this morning.

And like yesterday’s overnight rally, it fizzled. Also similarly, the open was greeted slightly positive.

Unlike yesterday — not that it matters — today’s setup inserted a bounce before ultimately extending the pre-open reversal to lower lows. That bounce attacked this morning’s 2926.75 bias-up signal to within 1 tick. Its reversal to lower lows touched this morning’s 2921.25 bias-down signal.

So, this is a no-bias environment. And having touched the bias-down signal, an offsetting test of the bias-up signal is in-play. Aaand, it’s met. An uninterrupted bounce from 2921.25 just pierced the open’s high by 2 ticks up to 2927.25, neutralizing the upside objective.

Being a no-bias environment, 2926.75‘s test should define the window’s upper-end. It can be probed later, but probably no higher than yesterday’s 2928.00-2930.00 highs. Probing above it during the no-bias environment would require being retraced. Resuming the decline would be attracted back down to oversold RSIs at yesterday’s 2918.25 low, if not further down to “lower prior highs” at 2914.00.