Post-open Review… Holding back, but holding up.

Gap up not exploited, or reversed.

Pre-open action had probed yesterday’s 2478.75 high by a full point. Yesterday’s high is also this morning’s bias-up signal. It was last touched 2 minutes before the open, which was only 1 tick lower. An offsetting test of the 2469.00 bias-down signal won’t be required for not triggering bias-up, but it would be an attraction.

Gapping up above yesterday’s highs could have formed a “session-long rally” setup. Had triggering it rejected an effort more substantial than 1 point, then the setup’s opposite resolution would be likely. We can give a fresh session low that benefit of the doubt, but not otherwise.

Probing higher anyway this morning would be doomed to failure, if not this afternoon during the FOMC reaction, then tomorrow. Probing above the bias-up signal through 10:30 would invalidate the 10:15 no-bias signal. Fresh highs would be likely, but still doomed to failure.