Post-open Review… Lingering paralysis.

No real follow-through, or rejection.

Pre-open action during Draghi’s remarks and Q&A was atypically shallow, both up and down. Yesterday’s 2241.25 (basis Dec, 2236.00 basis Mar) high was barely pierced, twice, neither time reversing down. Fresh post-open highs attacked 2244.00, but reacted down 7 points. While failing to trigger the 2240.00 bias-up signal at 10:15, no reversal down has emerged.

And 2240.00 continues attracting price to it even now. A break higher could probe fresh session highs, as “no-bias trending” that would require being retraced. Although some sort of follow-through to yesterday’s rally is likely, this morning’s higher highs would suffice if not reversed before the noon hour. Meanwhile, back under 2236.50 would have room to the 2232.25 bias-down signal without yet requiring any retracement up.

All prices above are basis Dec, which is trading at a 5.25 premium to Mar. We’ll switch to Mar when the morning bias environment has lapsed.