Post-open Review… Maybe an errand, or two.

“Dry Cleaners morning” signal avoided, by a narrowing range anyway.

Generally, when the same relevant price is overlapped by any 3 of the first hour’s five 15-minute checkpoints, then the bias environment tends not to trend. More so, its fluctuations are directionless, and frustrating.

This morning’s first hour established two relevant levels at 2676.00 and 2681.00. Each was overlapped twice at two separate 15-minute checkpoints. The 10:30 bar had bounced from testing 2676.00 to probe only slightly above 2681.00. Although a Dry Cleaners morning isn’t actually signaled, trending attempts beyond the open’s range will be difficult to extend this morning.

Trending would be difficult anyway, since all but one of the first hour’s swings was contained within the open’s 2676.00-2684.50 surge. And neither bias signal was touched after the open — the 2674.00 bias-down signal was touched 2 minutes before the open — so no offsetting test of the other bias signal is required.

But breaking higher, which is now being attempted above 2683.50, could be attracted to filling the gap back up to Friday’s 2690.00 close, which would likely hold. Probing it has room anyway up to the 2699.00 bias-up signal, which would likely hold, but also likely reverse down sharply.