Post-open Review… Don’t get too comfy.

Post-open rally fizzles.

The overnight recovery up to 2643.00 had reacted back down to 2573.00 (note: I’m omitting decimals unless relevant). The 2602.00 opening print was 38.2% of the way back up. That pessimism was devoured by the post-open surge, which rallied 101 points in a half-hour to 2680.00.

From a much lower starting point, both the 2621.00 and 2638.00 bias-down parameters were recovered and the 2661.00 and 2676.25 bias-up parameters were probed. Dipping into the 10:15 bias timing window was overlapping the bias-up signal to invoke the grace period, which lapsed while testing the bias-down signal.

So… late no-bias, both bias targets met? Sure, we can go with that. I don’t know what that means, and I invented the system. We’ve never seen that status before.

Fortunately, another proprietary setup is in-play to offer clarity. It’s the 5-stage correction/reversal that is labeled in the nearby chart. Its minimum objective has been fulfilled by retracing the Stage-2 Running Correction’s lower quadrant. Its support has been chipped away, and the next lower objective is Stage-1’s 2580-2590 origin. Regardless, entering the noon hour beyond either end of Stage-2’s 2633-2651 range would be likely to extend in that direction.

Finally, there’s the timing potential for today to be a multi-session low. (Remember those?) It’s preferable for the cash session to contain the low, instead of the overnight where it is now. But the template could still apply for having probed negative territory this morning anyway. Either way, the setup should rally sharply this afternoon if valid. But no lower low intraday and no afternoon rally could keep the decline alive for tomorrow, too.