Post-open Review… Holding pattern

Flat open not attracting new sponsorship.

Friday’s cash session close equated to 1946.00. The overnight to 1928.00 was recovered to probe above 1946.00 by a couple of points before the open. Post-open action has not extended that recovery.

Instead, the open immediately dipped back down to 1941.00-1942.00. Not gapping down had made a durable downleg unlikely. But it didn’t require a recovery, and there hasn’t been one.

The pre-open recovery to 1948.00 is being touched again now. It’s both too late and too early to be reliable for extending higher. Nevertheless, during this no-bias environment, its 1953.00 bias-up signal can be tested.

Back under 1944.00 would likely also test the 1940.25 bias-down signal. Testing 1937.00 was likely, too, until this bounce back to 1948.00.

Regardless of this morning’s range, its delayed resolution does offer another suggestion that topping is underway.