Post-open review… Digging deep for buyers.

Bias-down invalidated.

The pre-open drop to 2062.25 was recovered enough for the open to print 2068.00. The open extended to test this morning”s 2070.50 bias-down signal as resistance. Which held.

2070.50 held again as resistance after an interim dip to 2065.00. And 2070.50 held as resistance through 10:15 to trigger bias-down.

But, wait, there”s more…

Several elements of the open had undermined the downside potential. We had reason to suspect the bias-down would be invalidated — that it would be recovered through 10:30:

The 2064.00 bias-down target had been met already, and attacked to within 3 ticks post-open. A relevant landmark (yesterday”s 2065.00 gap up print) was holding its test as support. And 2070.50 was being overlapped, albeit by legs and not by bars.

A buy signal above 2068.75 had triggered already, and its pullback limit was still being tested. That improved into and out of the bottom of the hour up to 2073.75. 

Yesterday”s mid-morning congestion at 2071.00-2075.00 is resistance, and it is pushing back. It won”t be recovered easily, if it”s recovered at all. An offsetting test of the 2082.25 bias-up signal remains in-play so long as the bias environment isn”t exited at 11:30 back under this morning”s 2070.50 bias-down signal… and it”s being tested now.