Post-open Review… Late start.

Delayed resumption of yesterday’s late reaction down.

The third consecutive narrow overnight range once again broke sharply at the open. But this time, not until the open. And the opening break was reversed. Actually, today’s opening break up to 2181.50 was retraced back to the 2178.00 open, which held through the half-hour.

Finally breaking lower still had not touched the 2174.25 bias-down signal until the very end of the 3-minute window either way around 10:15. Having invoked the grace period, 2174.25 was still being touched at 10:30 to trigger noN-bias.

So, the bias-down target is not in-play, and neither is an offsetting test of the bias-up signal. The 2179.75-2171.50 objective of yesterday’s late-reaction down from 2182.00 has been pierced.

Since the break is not “no-bias trending” that would require a recovery, this morning’s dip can become something more substantial. With tomorrow being peak liquidity ahead of a three-day holiday weekend, any near-term trending must be underway before then — which makes a break under Friday’s lows possible today or tomorrow.