Post-open Review… Choppy seas, behind?
Volatility may have been front-loaded.
The overnight rally to 1929.50 had retraced pre-open to this morning’s 1909.75 bias-up signal’s support. The open’s bounce fulfilled the 1915.00 bias-up target to 1917.25. That threat to renew the bias-up signal, was soon reversed into a test of the 1899.75 bias-down signal. But a big bounce suddenly turned that bias-down threat into a test of the 1909.75 bias-up signal.
Long story longer, the grace period triggered, bias-up triggered late, and yet the 1899.75 bias-down signal is STILL being tested as support.
Now the morning’s bias environment is lapsing. Good riddance. The levels and consequences were very influential before 10:15/10:30, but much less so afterward.
Recovering back above yesterday morning’s 1907.00 high would be bullish, but it isn’t even being threatened. Exiting the bias environment under 1899.75 would have been bullish. Now entering the noon hour under 1997.00 would compensate for the delay.
Anxiousness ahead of tomorrow’s Employment Situation report could paralyze price action. But sellers (or buyers) obviously exerting control into the noon hour, let alone out of it, could trigger one more trending attempt instead of ranging narrowly through the balance of the session.
“Exiting the bias environment under 1899.75 would have been bullish. Now entering the noon hour under 1997.00 would compensate for the delay.”
Am I correct to assume that you meant to say [short term] ‘bearish’ in the statement above?
The following question may still be premature since the market still hasn’t even tested yesterday’s lows yet, but will this pullback still have a bullish intermediate affect by neutralizing the attraction to the beginning of the rally leg from Tues close (previously, you had said that the sooner the market could accomplish this, the better)?
Yes and yes… That should have read bearish. Also, not that Tuesday’s lows will be retested today, but the sooner they’re tested the more potential for holding that test to form a more durable rally.
Has there been enough of a downside test of the downside to ‘liberate the bulls’? (sure would be nice to have the Mid-Day Update and Pre-Close View posted earlier)
Today’s midday update was a little later because the post-open review was later. The pre-close view is an hour before the close, and any earlier wouldn’t have information about the last timing window’s origin that defines the post. It sounds like what you’re looking for is in the chaRTroom.