Post-open Review… Left on the (overnight) field.

Yesterday’s follow-through limited to overnight probes.

The overnight recovery to 2658.50 touched this morning’s bias-up signal. But it was too early for its rejection or its recovery to be predictive. Nevertheless, its resistance reacted down to greet the open at 2649.00.

Which could have sufficed for a shallow gap down that resolves up. And may yet. But so far the gap down has extended, or ranged flat-to-lower attacking this morning’s 2642.00 bias-down signal to within 1 tick. That’s not an actual test, so the it’s not an actual rejection. In other words, the rubber band wasn’t stretched enough for more than a shallow snap back up.

The reward for upside traction gained yesterday afternoon may be limited to the surge through the Globex open or its subsequent retest. But the reaction down didn’t produce a gap down sufficient to offset that upside traction. So, fresh highs this morning aren’t assured, but backing-and-filling up toward overnight highs could react favorably to this afternoon’s FOMC event. Greeting the event from under 2642.00 would be unlikely to rally.