Post-open Review… Friday Factors.

Rally effort holding resistance.

Gapping up to 2782.00 and attacking 2784.50 stopped short of retesting the overnight high’s attack on 2788.00. Gapping up above 2788.00 would have foreclosed on the downside, so it otherwise remains alive.

The post-open reaction down attacked the 2779.00 bias-up signal as support, which held. Its reaction attacked the overnight high to within 3 ticks. Bias-up triggered, but its 2784.50 bias-up target was still being touched at 10:15. Recovering it would have renewed the bias-up signal, so it otherwise requires new sponsorship.

Not recovering 2784.50 through the open has maintained the Globex-flip setup’s potential morning bearish influence. Back under 2783.25 would start to signal momentum reversing back down. The 2779.00 bias-up signal’s support would be a challenge until the bias environment began lapsing. Exiting the bias environment above 2784.50 would be vulnerable extending higher

This being a Friday, the morning’s bias tends to persist through the noon hour. So, reversing down depends greatly on reversing down into the bias environment exit, and more so on no extending higher this morning.