Post-open Review… Eking it out.

Trending up since the open.

The pre-open dip to 2089.00 was essentially a 61.8% projection from the overnight high’s retest of 2092.50. That natural support, along with there being no active attraction below, at least made the level vulnerable to fading back up.

Opening action soon attacked the overnight highs, and eventually pierced and probed its way higher. Attacking “unfinished business above” at 2094.75 to within 3 ticks reacted down instantly to 2091.00, and then bounced right back up.

This morning’s 2093.75 bias-up signal invoked the grace period at 10:15, and still overlapping it at 10:30 triggered noN-bias. Not a bias-up targeting 2098.50. Not a no-bias targeting an offsetting test of the bias-down signal below. Price can trend up or down, or range sideways.

Probably, price will range sideways, or flat-to-higher. Volume is shrinking ahead of the three-day weekend, and paralysis is growing ahead of Yellen’s afternoon appearance. Greeting the latter from up here would remain vulnerable to at least a knee-jerk reaction up.

It’s premature to forecast whether a knee-jerk reaction up would extend or reverse down sharply. But greeting the event from back under the 2089.75 open would likely react down.