Post-open Review… Head fake.

The “session-long rally” had rendered itself improbable before the open. Not for lack of proximity, as yesterday afternoon’s 2811.25 high had been tested, retested, re-retested, only to react back down to 2806.50. But greeting the open 3 points under 2811.25 without yet probing above it did not fulfill the spirit of rejecting yesterday’s late dip.

That’s too simple, so a headline entered the picture.

Spiking up to attack 2819.00 did create a gap up above 2811.25. But it had already become too late for new sponsorship to be considered as rejecting yesterday’s late decline. The headline (China trade talks resumption) was the spike’s catalyst, and its origin was likely to be retraced at some point.

Ultimately, 2811.25 maintained its recovery through the opening 15 minutes of volatility, but price did not trend up. The session-long rally setup was officially moot. The 2814.25 bias-up target was being tested at 10:15 to avoid renewing the bias-up signal. And the 2808.50 bias-up signal was eventually retraced.

There is no unfinished business or other attraction in-play for the duration of the bias environment. Its exit may be another story. Session-long rally is moot, but an upleg can still be launched. Similarly, breaking under 2808.50 as the bias environment lapses could probe under 2801.50, and lower.