Post-open Review… Back-to-backing-and-filling.

Inertia leaning toward “dry cleaners” morning.

The pre-open retest of the overnight high touched this morning’s 2600.00 bias-up signal before reacting down 3 points. That wasn’t confirmation of today’s difficulty to attract trending sponsorship. But it wasn’t a contradiction. Bouncing into and out of the open came within 1 tick of 2600.00 before also failing. Still not confirmation, but closer.

Now fresh lows are attacking the 2594.50 overnight low to within 1 tick. And despite this being a “no-bias environment” without a required objective, dipping further has room to test its 2591.75 bias-down signal as support.

The bias-down signal’s test would have been required if the bias-up signal had held a test post-open. Pre-open isn’t a reliable reflection of intraday sentiment to gauge excessive optimism.

Meanwhile, 3-4 of the first hour’s five 15-minute checkpoints overlapped the same relevant level — the 2598.00-2598.25 open. This suggests even more so what we already knew, how difficult today is for attracting sponsorship. Often, this produces a “dry cleaners” morning which can be an opportunity to run errands.