Post-open Review… Holding up.

Downside threat absorbed, upside reward imminent.

the overnight dip to 2828.75 had recovered to yesterday’s 2835.00 cash session close, and consolidated narrowly into the open. A blip-down to the earlier 2834.00 overnight low was quickly rejected on the way up to 2841.50.

That’s new highs, and that’s within 2 ticks of the overnight “new Globex trend extreme” requiring intraday retest (often the same day). But being more than 2 points above the 2839.25 bias-up signal didn’t ensure it triggering. It did not.

Collapsing down to within 1 tick of this morning’s 2831.75 bias-down signal didn’t trigger it. And its eventual recovery back up to 2840.50 didn’t trigger bias-up. This is a no-bias environment. An offsetting test of the bias-down signal is in-play, but won’t become “unfinished business below” after already having tested it to within 1 tick.

Meanwhile, the bias-up signal should define the window’s upper-end. So far, it is. Probing above it anyway would be “no-bias trending,” doomed to failure, but not necessarily before extending to test 2848.00.

Probing fresh highs that aren’t likely to be maintained is entirely appropriate for a trend that may have begun a distributive phase. The initial rally’s collapse may reflect the lack of sponsorship at these levels. More so, the lack of reinforcements, as yesterday’s rally is already assumed to have been very weak sponsorship regardless of its degree.