Post-open Review… Hope Springs springs another leak

Opening strength evaporates entirely.

The pre-open recovery to the 1928.50 overnight high was pierced up to 1929.00 through the open. That’s 15 points above Friday’s cash session close.

And it’s all optimism.

Any higher would have gotten a benefit of the doubt for renewing the bias-up. Instead, back under 1924.25 signaled momentum reversing down, falling to a fresh low at 1912.25.

Only momentarily overlapping negative territory has kept the door open to another bounce. In fact, an 11-point bounce just touched 1923.25. The eternal springing of hope is astonishing.

Having said that, this is a no-bias environment that rejected tests of both bias-up parameters, putting into play offsetting tests of both bias-down parameters at 1907.00 and 1899.75.