Post-open Review… Same old story.

Post-open pattern persists in poo-pooing pre-open pop-up.

Rallying 12-points overnight to 2698.00 had reacted down pre-open to 2693.50. There was still room to buy back above 2696.50 for a bounce to 2699.75-2700.75 and 2703.00. But the open collapsed. And breaking under 2692.25 signaled momentum reversing down.

Probing the 2696.25 prior high was singular and not complex, so no “new Globex trend extreme” was created that otherwise would have required intraday retest. And no “unfinished business above” was left outstanding. Also, the recent pullback was too shallow to be accumulation which could have refueled buyers.

First Trade and Market Tour both warned about all of those. But the most important point was the current pattern of rejecting overnight rallies. Last night’s rally was larger and more productive, but it was still vulnerable to reversing down. Which it has done.

Both the 2688.00 and 2692.50 bias-up parameters have been rejected by triggering no-bias. Offsetting tests of both the 2681.50 and 2675.50 bias-down parameters are in-play.

Last Wednesday did the same, except for triggering late bias-down, not clean. And its bias-down signal’s test was fulfilled already during the first hour. That has been outstanding since. Today’s is the same 2675.50, and it may also be left outstanding if the past week’s “lower prior highs” aren’t broken. But it’s still likely, so long as 2692.50 isn’t recovered.