Post-open Review… Getting ahead of, and stepping all over, itself.

Late pre-open break reveals excessive pessimism.

Breaking an overnight range within 60-90 minutes of the open tends not to extend. At least, not until retracing the break. So, this morning’s last plunge from 2716.00 down to 2693.25 was likely to retrace back into the overnight range. Already testing the morning’s 2694.25 bias-down target’s support helped.

Bounce potential up to the 2711.00 bias-up signal was not attractive. Just touching 2707.25 was enough to launch a drop down to 2694.25 — it was the bias-down target’s first intraday test. And it held. But the 2707.25 bounce was only attacked before dipping again. And the 2700.00 bias-down signal’s test wasn’t resolved, triggering noN-bias.

Meanwhile, the ongoing volatility had started appearing at a granular level within the narrow range. Inflection points were probed no further than their first 3-4 minutes before reversing sharply. It continues to this minute, still overlapping 2700.00 by points in either direction.

Regardless of this being a noN-bias environment, holding two post-open tests of the 2694.25 bias-down target and exiting the bias environment above its bias-down signal could be bullish. Could be, because already testing the 2711.00 bias-up signal without recovering it would be bearish. Exiting the bias environment back under 2700.00 could simply resume the decline.