Post-open Review… (Delayed due to connectivity issues)

Opening bounce meets post-open plunge.

Opening at 2168.00 never dipped any deeper before soon resolving up sharply. But the 2180.50 overnight high — essentially the rally’s next higher objective — was only attacked to test resistance at 2178.00 before reversing back down.

And down. And down.

The 2171.00 bias-up target was retraced aggressively, on the way down to touch the 2164.25 bias-up signal in time to invoke the grace period. The 2154.25 bias-down signal was attacked to within 3 ticks at 10:30, just when its offsetting test was being triggered by a late no-bias signal.

But this morning’s no-bias wouldn’t be completely satisfied by the offsetting test of signals. Having tested the bias-up target, an offsetting test of the bias-down target was required, too. So the drop extended down to probe the 2148.75 bias down target by 1 point.

Bouncing back up to 2160.00 was retraced entirely. Its reaction down and a couple of shallower bounces have formed a Descending Triangle pattern. Attempts to reject it back above 2156.00 and 2160.00 are ongoing — the bias environment began lapsing at 2156.00, and now the noon hour entry is testing 2160.00.

Entering the noon hour above 2160.00 would be credible for launching a retest of overnight highs. The morning’s drop was dramatic and substantial, but not otherwise relevant since yesterday afternoon’s bias environment low has not been broken. Not resuming the rally today wouldn’t necessarily be bearish — not so long as fresh lows are avoided.