Post-open Review… Half-hearted sellers still selling.

Bias-down signal held its test when it mattered.

Last night’s narrow ranging had tried recovering before the open but only touched the much earlier 2327.25 overnight high. Trending down from there into and out of the open probed fresh lows at 2320.50.

Ultimately, the 2321.50 bias-down signal held its test through 10:15, putting into play an offsetting test of the 2330.75 bias-up target. That’s somewhat in question amid fresh lows after 10:30 down to 2319.75. Fresh lows that are now reacting back up to 2323.00.

Regardless, it’s too late to trigger bias-down. It’s too late to invalidate it, and too early — the latter would be possible by exiting the bias environment under the 2320.50 pre-10:15 low, since there’s been no fresh high since 10:15.

The no-bias signal only inhibits no-bias trending under the bias-down signal. It can’t prevent probing it, especially amid Yellen’s headlines, and their real-time, knee-jerk impact on other asset classes. That’s “no-bias trending,” which requires at least retesting 2321.50 when the bias environment is lapsing or later. Retesting, if not also reversing back up. Today, that’s called unrequited selling.

Holding above the pre-10:15 low would make this morning’s 2330.75 upside objective become “unfinished business above.” Also outstanding above are yesterday’s 2329.00 high and 2331.50 bias-up target.