Post-open Review… Bias-down, not out.

Substantial recovery gets ahead of itself.

Opening at 2039.25 and probing fresh lows created a bottoming pattern that was sealed upon recovering 2038.50. Its reward was expected to be a substantial morning-long rally.

We got the substantial part already, but not yet the morning-long.

The 20498.75 bias-down signal was touched by 10:15. Actually, within 3 minutes of 10:15, invoking the grace period. It was not recovered through 10:30, triggering late bias-down.

Late bias-down, or not, the 2038.50 buy signal’s latest pullback limit held its test to avoid being violated. Another surge extended the recovery to 2053.50.

Two substantial rallies do not equate to morning-long.

Being a bias-down environment, the 2048.75 bias-down signal should define the range’s upper-end. This requires its retest. Triggering bias-down had put into play a retest of the 2042.50 bias-down target. So, 2048.75 need not hold as support.

After at least testing 2048.75, this being only a late bias-down environment, the rally could still resume. Meanwhile, a deeper pullback would be more credible.