Post-open Review… Dry cleaners morning.

lede .

The pre-open 5-point bounce up to 2129.00 was retraced almost entirely to open at 2125.25. Flat-to-lower since then has attacked 2121.25, whose test early enough could have been predictive. It’s still support, which is why attacking it just reacted up to 2125.25. But its test was too late to reveal whether sellers are weak-handed, or gaining sponsorship.

This are is also unchanged. Unchanged, compared to both Friday’s cash session and futures closes. So, it is natural support, and it’s not being challenged with any momentum that might better enable breaking through it or snapping back from it.

That suggests a “dry cleaners morning,” which is either unlikely to trend or will fluctuate unpredictably. The likely resolution is down, but a bounce is possible while awaiting sponsorship’s arrival. There is meanwhile room to fluctuate between the 2117.50 and 2131.00 bias signals, both of which were tested or attacked overnight.