Post-open review… Hope springs (a leak)

The open gapped up to the 2106.75 bias-up signal, pierced 2107.00-2108.00 resistance, and promptly reversed down. Trending back down at all was likely to start quickly, but not without limitations. I suspected that already touching 2102.50 just 3 minutes later was scaring away more sellers than it was attracting.

Live by the Grexit, die by the Grexit, repeat…

In fact, price firmed back up to 2108.00. The price surged on headlines touting a deal nearing with Greece”s creditors. The 2113.00 bias-up target was probed up to 2115.75. Overbought RSIs there require its eventual retest.

Live by the Gre… Wait, no… Die by… I lost my place…

Choppy ranging was ultimately resisted by the 2113.00 bias-up target through 10:15, and the bias-up signal did not renew. Another headline has somewhat denied the earlier one.

Being a bias-up environment, extending higher remains possible, but that”s not common when the target was already met and held through 10:15. Still, back above 2114.00 would signal the recovery extending higher.

Be sure that”s not just a headline reaction, because otherwise price can quickly collapse after neutralizing the attraction back to overbought RSIs at the 2115.75 high. Regardless, the bias-up environment could dip to 2106.75-2107.50 without reversing momentum down.