Post-open Review… He who laughs last.

Tug of war is currently favoring sellers.

It has been awhile since we’ve seen such wide ranging, without any net move, so far past the open. More on that later…

Opening at the 2068.00 bias-down signal initially surged to 2073.50. Its complete retracement was recovered quickly to 2075.00. The next complete retracement has dipped even deeper to 2064.50. That overlapped the bias-down signal in time to invoke the grace period. It wasn’t recovered through 10:30, triggering “late bias-down.”

The 2062.75 bias-down target is in-play. As we discussed during the pre-market Tour, that would likely probe under yesterday’s 2062.00 low. Meanwhile, back above 2070.00 would start to suggest the late bias-down is dead.

As for the open’s wide ranging, that helped to dilute the requirement for a rally to be immediate. Gapping up was the original requirement. The sizable legs then diluted the requirement for a quick recovery.  Now all of those conditions have resolved in fresh lows. Buyers seem pretty eager, so finishing with the downside this morning should resolve in a very aggressive rally.