Post-open Review… Been there, done that, already.

Yellen testimony doesn’t seem surprising.

The overnight rally up to 2446.50 was retraced entirely before the open, which was greeted unchaged at 2441.00. Intraday buyers took their shot, but only reached 2445.00.

Well, not only. The post-open bounce also triggered the 2442.00 bias-up signal. But the grace period was avoided by only 1 tick. And without yet probing above the 10:15 high, 2442.00 was broken decisively through 10:30 to invalidate what 10:15 had triggered.

So, this is an invalidated bias-up environment. An offsetting test of the 2434.00 bias-down signal isn’t required. And 2434.00 isn’t required to define the window’s low if tested. My minimum objective below is 2437.50, which is probably too shallow if the entire session is spent backing-and-filling.

Exiting the bias environment back above 2442.00 would not necessarily point higher — the morning’s bias parameters are fixed. But it would suggest the backing-and-filling is being replaced by flat-to-higher.