Post-open Review… Noise in the range.

Overnight chop, meet post-open chop.

Last night’s range was contained within Friday afternoon’s range. But it flipped directions at least twice, steeply, to suggest this market wants to trend. That doesn’t then require trending, only trending attempts. Which the first hour has attempted, while either bias signal has remained comfortably untouched.

The pre-open dip back down to the earlier 2683.75 overnight low bounced through the open to attack Friday’s 2688.75 cash session close. Its reaction down to 2685.00 has been recovered entirely.

Probing higher has potential to test this morning’s 2691.00 bias-up signal. Perhaps not touched, possibly probed, but likely held during the bias environment. Any higher any later would be bullish, which would be suspicious for not yet having behaved bullishly.

Back under 2685.50 would have much more room to the bias-down signal. And much more potential to break lower into the afternoon as the first hour’s buying pressure is converted into selling pressure rushing for the exits.