Post-open Review… BIAS-UP INVALIDATED.

Pullback through the open still recovers bias-up signal, then doesn’t.

Yesterday’s last-minute surge through 2947.00 into the post-close fresh high had extended to new highs at 2961.25 before midnight. The trend since then has been down. Down into Europe’s opens, down into the open and then down through the first half-hour to touch 2947.00.

Still, the 2950.50 bias-up signal was recovered in time to trigger cleanly. Its subsequent test as support did NOT hold at 10:30, invalidating the bias-up. The 2955.75 bias-up target is NOT in-play, although the overnight high’s “new Globex trend extreme” might also be an attraction.

The invalidation isn’t surprising since upside objectives are fighting the headwinds of this afternoon’s impending FOMC events. Triggering bias-up first, and THEN being invalidated does reflect excessive optimism. Regardless, back above 2953.25 would be helpful to the upside. Otherwise, a deeper pullback to 2945.00 is likely.