Post-open Review… A lot to digest.

Overnight rally rejected, but not reversed.

Despite surging overnight to attack 2040.00. Despite rallying overnight to the 2035.25 bias-up target. Despite having gapped up through Thursday’s 2030.25 post-close high. Despite all of that upside, post-open action has been about selling.

A blip-down to 2025.25 reacted up to attack 2030.00. But the 2028.25 bias-up signal was still being overlapped both at 10:15 and at 10:30 to trigger noN-bias. No retest of the bias-up target is in-play. Nor is an offsetting test of the bias-down signal required.

Although most noN-bias environments range narrowly around the bias signal, this morning’s has broken to fresh lows at 2023.25. Already having rejected the overnight follow-through, probing deeper into negative territory can confirm the only remaining setup — that Thursday’s rally was weak-handed, requiring complete retracement.

Retesting Thursday’s 2012.00-2015.00 lows has room for noise down to 2009.00 before putting into play 1980.00. Back above 2031.00 would start to suggest the drop had run its course.