Post-open Review… Early bird got worms.

Bias-up target held, bias-up signal not so much.

Slightly higher highs greeted the open at 2282.00. A post-open surge touched 2285.00. That didn’t last long.

Slipping back under the 2283.50 bias-up target had room for noise, alone, down to the 2278.50 bias-up signal. It was met, and tested through the 10:15 bias timing window to invoke the grace period.

2278.50 was still being overlapped at 10:30. Overlapped to within 2 ticks. That’s not a decisive rejection of the bias-up, but price has slid anyway. down to 2272.00.

Decisively rejecting both bias-up parameters would have put into play offsetting tests of both bias-down parameters. A synthetic bias-down. This morning’s setup doesn’t require it, and sponsorship for trending will be difficult ahead of this afternoon’s FOMC statement.

Regardless, back above 2277.00 would signal the post-open drop was absorbed, and momentum is reversing up into the announcement. Otherwise, the 2270.75 bias-down signal can offer support, but with no requirement to hold or to prevent extending down to the 2265.25 bias-down target.