Post-open Review… Better late than timely?

Terribly choppy open ultimately rejects buyers.

For all of the fluctuation since Sunday night’s plunge and Globex action through the holiday, pre-open ranging narrowed in on Tuesday’s 2469.00 bias-down signal. The open essentially printed it, and then volatility expanded sharply again.

Surging to 2471.25 quickly reacted down to 2465.50. Recovering almost the entire reaction was itself been retraced almost entirely. The recovery had held above 2469.00 in time to trigger no-bias, and in time to avoid invoking the grace period. But dipping again back under 2469.00 through 10:30 invalidated that potential upside.

Now its 2464.00 bias-down target is being met, despite the dip having come too late to trigger bias-down or to invoke the grace period. This behavior matches that inhibition against rallying which I described during the Market Tour. Exiting the bias environment at 11:30 back above 2469.00 would be very bullish. But that faces an added degree of difficulty as fresh lows down to 2462.25 have taken both 1-minute and 3-minute RSIs simultaneously oversold.