Post-open Review… Fully discounted.

Fresh highs falling short.

The new Fed chair’s remarks were released at 8:30 and the market dipped several points to test 2776.00. But it held the range. Bouncing into and out of the open encountered another dip that only attacked 2776.00. It also held the range.

The second dip’s potential to break lower ran out of time as Powell took his seat. The market reacted favorably and rallied to a fresh high. The 2781.00 bias-up signal triggered along the way and came within 5 ticks of its 2791.00 target.

The Isolation setup required only a fresh high.

And that was all they got, before being overcome by being fully discounted. No longer was the testimony being welcomed, or being absorbed. It had been influential, first in anticipation and then in fact. Its sponsorship was no longer strong-handed enough to defend it, and price reversed down sharply.

This morning’s 2766.00 bias-down target was attacked to within 1 tick. Oversold RSIs still have potential for retesting the low down to 2764.65. Otherwise, exiting the bias environment back above its 2774.00 bias-down signal would suggest that sellers were absorbed. The 2791.00 bias-up target would become “unfinished business above.”