Post-open Review… Precipice, or trampoline?

Return to the low holds again.

The overnight test of this morning’s 2436.25 bias-up signal had reacted down. More like plunged, retracing the entire overnight rally and touching yesterday’s 2430.00 opening low.

There was still time for another bounce to retrace the plunge’s breakout back to its 2435.00 origin. That rally also broke lower, into and out of the 2433.00 open. Fresh lows tested this morning’s 2428.50 bias-down signal.

That was just the opening 15 minutes of volatility. So, trending to fresh lows created an anchor, which should be retested if the opening trend were not extended immediately.

And the opening trend was not extended immediately.

That delay allowed the bias-down signal to avoid triggering. And having tested it — regardless of already having held a test of the bias-up signal overnight — an offsetting test of the 2436.25 bias-up signal was put into play. It is already fulfilled, up to 2437.50.

Back under 2433.00 would target a retest of overnight lows, if not also to resume the decline. Resuming the decline would have been much more reliable if triggered much earlier. Sellers aren’t marginalized, but they’re hobbled. Soon the bias environment will begin lapsing, and fresh highs up to 2441.75 would be possible.