Post-open Review… Digging out slowly.

Rallying into and out of the open.

The overnight blip-up to 2714.75 was ultimately retraced back down to the earlier 2704.50 low.* But the open was greeted back up at 2711.00-2712.00 resistance.

Having reacted down from there already, we already knew that simply retesting it during the opening 15 minutes of volatility would be bullish. In fact, a buy signal there immediately triggered at the open, extending up to 2719.50.

Reacting down to 2713.00 and recovering created legs that overlapped the 2716.25 bias-up signal at both 10:15 and 10:30. So, this is a noN-bias environment. The bias-up signal need not define this window’s lower-end, and an offsetting test of the bias-down signal is not in-play.

Trending during a no-bias or noN-bias environment often isn’t sponsored by strong hands. That’s why trending during these environments is done less often. Trending anyway without reversing is also done less often. Trending this morning would more likely be retraced.

Trending this morning may also be reversed. *That pre-open dip back down to 2704.50 was similar to the dip before Europe’s opens — defensive posturing. Like the recovery overnight that was retraced back to the lows, this morning’s recovery may expend its buying pressure satisfying weak-handed buyers, and find no sponsorship to defend against reversing down. We can give the recovery attempt a benefit of the doubt anyway, which could extend up to 2735.50.