Post-open Review… Biding time.

Bias-down morning points to trending afternoon.

Traction gained by yesterday afternoon’s rally goes unfulfilled. It wasn’t even inverted, as the opening gap bounced off of the 2059.25 bias-down signal instead of extending immediately through it.

Gapping down did eventually extend, quickly touching its 2053.50 bias-down target. It has been tested and retested, despite already having fulfilled it, and despite chipping away at its support. This is still a bias-down environment, but no lower low is required.

2050.50 would be a lower lower where sellers could become so stretched that price reverses back up aggressively. Its test isn’t required, but it becomes likelier as the bias environment approaches without yet threatening to recover the 2059.25 bias-down signal — it’s being attacked now to within 2 ticks.

Backing-and-filling this morning is not at all inappropriate before resuming the rally this afternoon. Yesterday afternoon’s unrewarded traction won’t be compensated for its delay — but it should at least prevent the backing-and-filling from extending down beyond this morning’s bias environment. Otherwise, the third consecutive weekly recovery attempt will have failed.