Post-open Review… Lower-case pop and drop allow another pop.

Fresh highs avoided, delayed downside developing.

This morning’s premise was to probe yesterday’s highs above 2677.00 because its rally had gained traction, and its late dip had injected pessimism. The premise assumed that surging to fresh highs at 2677.50 through the futures close had developed too late to already fulfill the upside objective. None of which was disputed by the overnight range.

A setup developed that I discussed in the pre-open update. It was the breakout from the overnight range above 2672.00, coming within 60-90 minutes of the open. The lateness usually reflects weak-handed sponsorship, which was in-line with the other premise that fresh highs would fail.

The open did surge, but only briefly, and not at all to fresh highs. And it quickly reversed, trending down throughout the entire first half-hour. Yet, yesterday’s 2666.25 cash session close was only attacked, essentilly holding positive territory throughout. That’s an anchor.

The anchor didn’t prevent trending down further. The 2671.25 bias-up signal held to trigger late no-bias, putting into play an offsetting test of the 2661.50 bias-down signal. Its test should define the window’s lower-end. In fact, its test and retest down to 2657.75 just bounced to 2666.50.

Nothing prevents trending down much, much deeper under 2661.50 after the bias environment begins lapsing. Exiting the bias environment back above yesterday’s 2666.25 cash session close wouldn’t itself put back into play a probe above yesterday’s highs, but it would be a good start.