Post-open Review… Enthusiasm gap.

Failed overnight rally attempts attract intraday sellers.

Last night’s choppy ranging was narrower than other windows since Monday’s early close. Firming before the open did attack this morning’s 2430.50 bias-up signal to within 3 ticks. But 2428.00 gave way during the first 3 minutes. And soon Monday morning’s 2418.50 low was being attacked to within 3 ticks.

This is a noN-bias environment. The 2421.50 bias-down signal was overlapped within 3 minutes of 10:15 to invoke the 15-minute grace period. It was overlapped at 10:30 avoid triggering either bias-down or no-bias. There is no requirement to test any specific level.

However, that last leg down was steep, allowing it to stretch the rubber band for bouncing back. The bounce has room up to 2428.00, and currently 2427.00 is being tested.

Support at 2418.50 is barely obligatory, if that. Sliding steeply into it enabled stopping optimistically short of actually testing it. So, all the more reason to expect 2418.50 support to be non-existent if ever tested.

Back under 2423.75 would signal the bounce had ended already. Reversing down would likely trend down to fresh lows at 2399.00 if not also 2393.00. Exiting the bias environment above 2428.00 could marginalize sellers for the day.