Post-open Review… Not for lack of trying.

Sellers fail to retain control.

The pre-open reaction down from retesting the 1848.00 area extended down through the open. The upper-end of yesterday’s range was briefly pierced by a couple of tick in reaction to 10:00’s econ report. That’s essentially also this morning’s 1834.50 bias-up signal, which ultimately triggered at 10:15.

The 1041.25 bias-up target was attacked into 10:15, but not exceeded in time to renew the bias-up signal. No matter, this is still a bias-up environment. While that setup often holds as resistance for the morning, the open’s 1845.50 high is now being retested.

Triggering bias-up doesn’t necessarily reflect buyers regaining control when they’ve met and held a test of the bias-up target. It doesn’t marginalize sellers, although they’ve lost control. Exiting the bias environment at 11:30 back under its 1834.50 bias-up signal would suggest that sellers are trying to regain control. Exiting the bias environment above the 1845.50 opening high could simply drift higher into the afternoon.